PM Modi Asks RBI To Prepare 20-Year Road Map For Financial Inclusion
02 April, Mumbai
Prime Minister Narendra Modi Thursday said that poor people should be the centre of financial inclusion and it could be driven successfully through small initiatives.
He was addressing Reserve Bank Financial Inclusion conference organized in Mumbai.
While congratulating Reserve Bank Governor Raghuram Rajan, his predecessors and the entire team for the successful completion of 80 years, PM appealed RBI to set a roadmap in four steps for next 20 years for financial Inclusion.
Stating that there are lots of similarities in the thinking of RBI and government, Modi applauded strengthening of financial institutions like RBI.
Prime Minister said that success of Jan Dhan Scheme is an evidence of new thought of financial inclusion and now biggest challenge for the banking sector is to encourage transaction in Jan Dhan accounts.
Pointing out that Financial Inclusion should be an attitude and not mere a programme, he gave the entire credit to the banking sector for the successful implementation of Jan Dhan Scheme.
He said poor people have so far deposited Rs. 14,000 crore in the accounts and it is indeed a big contribution to economy while banks have depostited Rs.8000 crore as direct cash subsidy in the accounts of beneficiaries. Direct cash transfer has stopped leakage in subsidies, he said.
He said that, on the lines of Jan Dhan Yojana, focus of financial inclusion should be poor people of the country.People like daily wagers, small scale business entrepreneurs, and farmers should be roped in the financial inclusion.
Appealing banking sector to initiate and find some creative ways for financial inclusion he
suggested that banks should promote farm related activities like plantation for farmers and provide loans for the same.
He further said that nature of financial inclusion should be based on geographical areas with social and financial slabs.
He appealed to banks to focus on eastern India as it has huge potential for development but unfortunately remained neglected till now.
Finance Minister Arun Jaitely addressing the function said that government is trying to restore the credibility of Indian economy, to ease the investment and to bring some landmark changes for development.
Governor of Maharashtra C Vidyasagar Rao and Chief Minister Devendra Fadnavis were also graced the function.