The Narendra Modi government's focus is on banking for all. With the launch of the Jan Dhan Yojana, Financial Inclusion is indeed on top of the mind of bankers across the country.
Indeed, this move will bring another 15 crore people into the banking stream. Thus, by taking this step, the current government in a single stroke has taken a giant leap in making inclusive growth a reality. The Financial Inclusion programme will go down as a watershed moment in India's journey to Financial Independence.
CNBC-TV18 and Union Bank of India have been hosting the Financial Inclusion Agenda Conclave, for the last four years. This initiative seeks to take forward the government's endeavour to vigorously promote the cause of Financial Inclusion, to bring the unbanked into the banking world in India.
Well, the next few years hold out great promises for the financial independence of a large population of Indian citizens. With 5 crore accounts already opened since the launch of the 'Jan Dhan Yojana', it is indeed proving to be a game changer.
In its fifth edition, the objective of the Financial Inclusion Agenda Conclave this year, has been to hold meaningful conversations and is an endeavour to bring divergent views on a common platform and to explore the delivery of financial services to the unserved population. The pet project of the NDA government Jan Dhan Yojana, linking of Aadhaar and the influx of Mobile technology – together what came to be called the JAM Trinity – has seen wide ranging impact.
But there are barriers in the formal financial system that need to be addressed. Low trust in financial institutions, high transaction costs and supply-side frictions are keeping the financial system from delivering optimum solutions for the unbanked.
On the third anniversary of Pradhan Mantri Jan Dhan Yojana, Finance Minister Arun Jaitley, in a Facebook post said that India is within the reach of ‘1 billion-1 billion-1 billion’ vision of financial inclusion. That is, 1 billion unique Aadhaar numbers linked to 1 billion bank accounts and 1 billion mobile phones. Looks like the JAM revolution will further empower those brought into the banking world. That was also the theme for this year’s conclave - Financial Inclusion Agenda: Creating a Billion Opportunities.
The 5th edition of the Financial Inclusion Agenda Conclave hosted a panel discussion on the theme with relevant stakeholders. The keynote addresses by the Chief Guest, Shiv Pratap Shukla, Minister of State for Finance; Rajkiran Rai, MD & CEO, Union Bank of India; and R Gandhi, Former Deputy Governor, RBI contributed largely to the agenda of financial inclusion. The esteemed panellists included Rajkiran Rai, MD & CEO, Union Bank of India, Samit Ghosh, MD and CEO, Ujjivan Small Finance Bank, Krishnan Dharmarajan, Executive Director, Centre for Digital Financial Inclusion (CDFI), Pramod Saxena, Founder & CMD, Oxigen Services India Pvt. Ltd, Abhimanyu Munjal, Jt MD & CEO, Hero Fin Corp, AP Singh, CEO, India Post Technology Centre & Senior Deputy Director General, Post Bank of India, Department of Posts, Gayathri Parthasarathy, Head, Financial Services Advisory, KPMG.
Talking on a new dimension of financial inclusiveness for the unbanked ones, Rajkiran Rai, MD & CEO, Union Bank of India said, “Through the JAM trinity, India has built the bridge to prosperity. However we have a lot of grounds to cover when it comes to deepening of financial habits, and servicing of newly bankable class. Besides there is another aspect of inclusiveness in financing of millions of micro and small enterprises. Promoting entrepreneurship at the bottom of the pyramid through timely and adequate finance could be the biggest enabler in job creation.”
Shiv Pratap Shukla, Minister of State for Finance while addressing the agenda emphasised on the steps taken by the Prime Minister. He said, “Under the leadership of Narendra Modi, we have seen how cashless economy is spreading in the country. I don't claim that in 1-2 years the whole country will become cashless but at least we are walking in the path of cashless economy. When a vegetable seller is using Paytm, why can't we have a cashless economy in the country? During earlier governments, people would discuss how many people will get their homes under Pradhan Mantri Abash Yojana. But now, in the present years, people discuss how many people have already got their homes under this scheme. Rather they discuss how many are now left. We are approaching it in a way that there is a developed India shining.”
The Conclave not only hosted conversations around the agenda of Financial Inclusion, but also applauded stalwarts who have played a significant role in taking it to the last mile.
The recipients of the citations at the Financial Inclusion Agenda Conclave were as follows:-
CATEGORY: Accelerating Financial Inclusion Through Banking & Microfinance Endeavours
RECIPIENT: State Bank of India
CATEGORY: Advancing Financial Inclusion through Women Entrepreneurship
RECIPIENT: Udyogini
CATEGORY: Evangelizing Financial Inclusion to Empower Women
RECIPIENT: Self-Help Women Association (SEWA)
CATEGORY: Advancing Financial Inclusion Through Community-Based Initiatives
RECIPIENT: Grameen Foundation India
CATEGORY: Fostering Financial Inclusion Through Strategic Collaborations
RECIPIENT: Grameen Foundation & Sonata Financial, Oxigen
CATEGORY: Advancing Financial Inclusion Through Impactful Endeavours
RECIPIENT: Michael & Susan Dell Foundation
CATEGORY: Advancing Financial Inclusion By Promoting Financial Literacy Among Children
RECIPIENT: National Stock Exchange
CATEGORY: Impactful Financial Inclusion Initiatives
RECIPIENT: ICICI BANK
CATEGORY: Impactful Financial Inclusion Through Innovations & Processes
RECIPIENT: Karnataka Bank
CATEGORY: Advancing Financial Inclusion by Fostering Cashless Eco-system
RECIPIENT: India Stack
SPECIAL CITATIONS FOR TRANSFORMATIVE ENDEAVOURS
CATEGORY: Unleashing Financial Inclusion Through Technology Innovations
RECIPIENT: The Bharat Interface for Money (BHIM)
CATEGORY: Empowering Farmers By Providing Access to Affordable Credit
RECIPIENT: National Bank for Agriculture and Rural Development (NABARD)
CATEGORY: Empowering Youth Through Micro Lending & Financial Inclusion
RECIPIENT: The Micro Units Development & Refinance Agency Limited (MUDRA)
CATEGORY: Advancing Financial Inclusion By Fostering Tech-Led Ecosystem
RECIPIENT: National Payments Corporation of India (NPCI)
Stay tuned to CNBC-TV18 for Episode 1 on Sat, 16th December at 5:30 pm
& Episode 2 on Sun, 17th December at 4 pm.
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