Financial Inclusion

Oil Minister Hardeep Singh Puri on Saturday took on Congress president Mallikarjun Kharge for "delusional opinions", saying the opposition party was using "lies, fabricated figures and fake data" in its classic shoot and scoot policy. In a series of post on X, Puri quoted data to counter Kharge's assertions saying the Modi government's inclusive development policies will make the country a developed nation by 2047. "Congress Party and Mr Kharge seem to be oblivious of the changes that have transformed the lives of Indians for the better," he said. The Modi government has pulled more than 24 crore Indians out of multidimensional poverty. This was aided by construction of more than 11 crore toilets, 12 crore tap water connections, over 10 crore free cooking gas connections, healthcare, bank accounts for 51 crore, three times hike in capital expenditure, and policy reforms such as GST, startup India, IBC and PLI scheme. "We ensured the price of petrol and diesel did not rise even when

Self-regulatory organisation status for business correspondents will improve governance, bring in investments

Model is critical for financial inclusion but commissions have not been revised 'in a decade'

The business correspondent channel for financial inclusion is calling for a pay raise, investments and an end to penalties

The policy is designed to address the specific requirements of individuals with disabilities of 40% or more, including physical, sensory, or cognitive impairments

The Bill for setting up a National Financial Information Registry (NFIR) is in the advanced stage of preparation, and it may be introduced in the next session of Parliament, Economic Affairs Secretary Ajay Seth has said. "It is at an advanced stage. It is in the closing stages of inter-ministerial consultation. We will finalise the Bill soon," he told PTI in a post-budget interview. However, he said, it cannot be introduced in the ongoing session of Parliament but may be in the next session. The objective is to build a public infrastructure for credit-related information, and the right information can be made available by the NFIR to lending agencies. A National Financial Information Registry will serve as the central repository of financial and ancillary information. This will facilitate the efficient flow of credit, promote financial inclusion, and foster financial stability. The passage of the Bill will enable in setting up of a registry and thus help in consolidating all finan

Number of Indians with an account in a formal financial institution increased to 77% in 2021

On June 25, the DFS asked public sector banks (PSBs) to revive inoperative accounts under the Pradhan Mantri Jan Dhan Yojana

The Reserve Bank's FI-Index, capturing the extent of financial inclusion across the country, rose to 64.2 in March 2024, showing growth across all parameters. The index captures information on various aspects of financial inclusion in a single value ranging between 0 and 100, where 0 represents complete financial exclusion and 100 indicates full financial inclusion. "The value of the index for March 2024 stands at 64.2 vis--vis 60.1 in March 2023, with growth witnessed across all sub-indices," the Reserve Bank of India (RBI) said in a statement on Tuesday. Improvement in FI-Index is mainly contributed by usage dimension, reflecting deepening of financial inclusion, it added. The FI-Index comprises three broad parameters -- access (35 per cent), usage (45 per cent), and quality (20 per cent) -- with each of these consisting of various dimensions, which are computed based on a number of indicators. In August 2021, the central bank said FI-Index has been conceptualised as a comprehen

Reserve Bank Deputy Governor Swaminathan J has said State Level Bankers' Committees (SLBC) can play a more effective role in financial inclusion through better coordination with government and NGOs in credit planning and promoting digital financial literacy. Observing that the role of SLBCs in fostering inclusive and sustainable growth is crucial and multifaceted, he said, it can drive significant progress in bridging the gap between financial services and the underserved populations. "By focusing on effective coordination with government and NGOs, adopting a scientific approach to credit planning, and emphasising digital financial literacy, SLBCs can create a more inclusive financial ecosystem," he said at the Conference of Convenors of SLBCs at Pune on June 19. "As we move forward, it is essential to monitor and measure the tangible outcomes of our efforts, ensuring that the benefits of financial inclusion reach every corner of our country," he said. By tailoring initiatives to .

From Monetary Policy Framework review to safeguards against payment frauds & rupee internalisation, RBI lists 14 major goals

The share of North East in overall mutual fund assets in the country more than doubled in the last 4 years to Rs 40,324 crore in March 2024, spurred by increased awareness and growing interest among retail investors to invest in equities, a report by ICRA Analytics said. Also, this signals a growing appetite among investors from smaller towns and cities to invest in mutual funds. The combined share of Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland and Tripura rose to 0.73 per cent of the total average asset under management (AAUM) of the mutual fund industry, which stood at Rs 55.01 lakh crore in March 2024. The share was around 0.67 per cent in March 2020, when the industry's AAUM was at Rs 24.71 lakh crore. Data for Sikkim was not provided. In March 2020, these states had an asset base of Rs 16,446 crore as compared to Rs 40,324 crore in March this year. "Though the contribution of these states to the total AAUM of the industry is still small in percentage terms,

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Airtel Payments Bank CEO Anubrata Biswas is optimistic that the payments bank momentum in India will yield strong growth horizons and opportunities in the coming years, supported by financial inclusion imperatives and rapid pace of economic and digital growth. In an interview to PTI, Biswas said FY24 has been a "remarkable year" for Airtel Payments Bank, which has been growing in double digits across all key metrics such as users, revenue, and profits. "We are still closing the books (for the fiscal) but as we stand today, we are going to see high double-digit growth rates on revenue, profit and users continue," he said. Airtel Payments Bank has nearly 500,000 banking points spread across the country, today. It offers end-to-end digital banking solutions, along with a bouquet of digital financial services -- insurance, lending, and investment solutions. Airtel Payments Bank has three clear segments when it comes to serving customers across geographies -- the urban digital, the rur

Going ahead, a customer can take a wad of notes to a CRM and use UPI to activate the process of depositing it rather than insert their debit card into the slot

The Department of Pharmaceuticals has revamped a scheme which entails financial assistance to drug companies to help them upgrade their facilities to produce medicines conforming to global standards, an official release said on Monday. As per the revamped Pharmaceuticals Technology Upgradation Assistance Scheme (PTUAS), the government has expanded the scope of the initiative beyond MSMEs to include any pharmaceutical manufacturing unit with a turnover of less than Rs 500 crore that requires technology and quality upgradation, the Chemicals and Fertilisers ministry said in a statement. Preference however remains for MSMEs, supporting smaller players in achieving high-quality manufacturing standards, it added. The revamped scheme also introduces more flexible financing options, emphasising subsidies on reimbursement basis, over traditional credit-linked approach. This flexibility is designed to diversify the financing options of the participating units, facilitating a more widesprea

Some arrangements between card networks and issuers are 'not conducive' for customers, it says

Per capita investment is less than Rs 10,000 in eight of them

Know-your-customer, or KYC, regulations aren't easy anywhere. But fintech adoption in India has done more than just open the floodgates to financial inclusion

From Bihar govt launching a probe into Tejashwi Yadav's dept to Intel discussing financial support with US govt, catch all the latest updates from around the world