RBI Guv Shaktikanta Das HIGHLIGHTS: Financial inclusion key to economic growth; to remain RBI’s priority

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Updated: July 15, 2021 4:38:45 pm

RBI Guv Shaktikanta Das HIGHLIGHTS: RBI Governor Shaktikanta Das has begun virtual address at Financial Inclusion Summit

Shaktikanta das, RBIThe governor was addressing the question around India’s take on cryptocurrencies ahead in an online session organised by The Indian Express and the Financial Times.

RBI Governor Shaktikanta Das HIGHLIGHTS: RBI Governor Shaktikanta Das during his address at Financial Inclusion Summit discussed how far India has travelled in terms financial inclusion and what will the future look like after Covid-19 pandemic. In his addressed, Das highlighted that RBI is now looking to address issues pertaining to vulnerable segments of economy and population, and at the same time giving attention to consumer protection.

In order to mitigate the impact of Covid-19 related disruptions, RBI took several policy measures to ease flow of credit at a lower cost. This includes lowering of policy rates, launching of liquidity schemes and channelising the liquidity via all India financial institutions to resolve stressed loans of individuals and MSMEs.

Further, RBI along with payment infrastructure development fund (PIDF) are focusing on providing the necessary impetus for development of payment acceptance infrastructure in Tier-3, 4 cities and north-eastern states. For post pandemic recovery, Das said that financial inclusion will continue to be RBI’s policy priority. “RBI will continue to address the concerns of over indebtness of micro finance borrowers, enable market mechanism to rationalise the interest rates, and empower the borrowers to make an informed decision by enhancing transparency of loan financing,” said Das.

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Highlights

    16:19 (IST)15 Jul 2021
    For improved financial literacy, school children will be educated on finances

    In order to improve financial literacy, Das said that financial eduction will be added in curriculum of school children.

    16:17 (IST)15 Jul 2021
    Post pandemic recovery: Financial inclusion will continue to be RBI's policy priority

    For post pandemic recovery, Das said that financial inclusion will continue to be RBI's policy priority. RBI will continue to address the concerns of over indebtness of micro finance borrowers, enable market mechanism to rationalise the interest rates, and empower the borrowers to make an informed decision by enhancing transparency of loan financing. 

    16:10 (IST)15 Jul 2021
    On digital coverage with banks

    As of March 2021, banks have received digital coverage of 95.9% of individuals while achievment for businesses stood at 89.8%. 

    16:07 (IST)15 Jul 2021
    PIDF, RBI to provide impetus to digital payment infrastructure in tier-3, 4 cities and north-eastern states

    Operationalisation of the payment infrastructure development fund (PIDF) and reserve bank's initiative will provide the necessary impetus for development of payment acceptance infrastructure in Tier-3, 4 cities and north-eastern states. This will fascilate greater deployment electronic payment acceptance facilities.  

    16:01 (IST)15 Jul 2021
    Covid-19 impact: RBI lowering of policy rates, launched of liquidity schemes and channelised the liquidity for stressed loans

    In order to mitigate the impact of Covid-19 related disruptions, RBI took several policy measures to ease flow of credit at a lower cost. This includes lowering of policy rates, launching of liquidity schemes and channelising the liquidity via all India financial institutions to resolve stressed loans of individuals and MSMEs. 

    15:54 (IST)15 Jul 2021
    UPI witnessed over 280 crore transactions in June 2021

    According to Dad, UPI platform that fascilates transactions via smartphones witnessed over 280 crore transactions in June 2021.

    15:52 (IST)15 Jul 2021
    Shaktikanta Das says more than 15 crore transactions took place per day digitally in June 2021

    With ease in digital transactions by IMPS and UPI, more than 15 crore transactions took place per day digitally on an average in June 2021. These transactions ammounted to nearly Rs 4.5 crore per day.

    15:46 (IST)15 Jul 2021
    Prepaid instruments grows at CAGR of 53%

    Highlighting India now growing fast in terms of financial services and payment infrastructure, Das said that prepaid instruments have grown at a CAGR of 53 per cent from Rs 41 crore in May, 2017 to Rs 226 crore in May, 2021.

    15:43 (IST)15 Jul 2021
    Launch of Pradhan Mantri Jan Dhan Yojna accounts has provided access to financial services to many

    Discussing the reach of financial services, Das says launch of Pradhan Mantri Jan Dhan Yojna has led many people have the acceess to financial services. This has addressed the supply-side issue of financial services. 

    15:38 (IST)15 Jul 2021
    Das mentions three areas of RBI's focus in coming years

    According to Das, there are three areas where the focus will now lie. 1. How to identify the customer2. How to reach the last mile3. How to provide relevant products which are affordable and safe

    15:35 (IST)15 Jul 2021
    RBI now looks to address vulnerable segments of economy and population

    Das highlighted that RBI is now looking to address issues pertaining to vulnerable segments of economy and population, and at the same time giving attention to consumer protection.  

    15:32 (IST)15 Jul 2021
    Das says evolution and adoption of technology led to improvement in digital financial services

    With the adoption of new technological means, the digital financial services have improved significantly. Universalised digital payments in safe, secure and affordable manner has been a game-changer.

    15:32 (IST)15 Jul 2021
    Das says evolution and adoption of technology led to improvement in digital financial services

    With the adoption of new technological means, the digital financial services have improved significantly. Universalised digital payments in safe, secure and affordable manner has been a game-changer.

    15:32 (IST)15 Jul 2021
    Das says evolution and adoption of technology led to improvement in digital financial services

    With the adoption of new technological means, the digital financial services have improved significantly. Universalised digital payments in safe, secure and affordable manner has been a game-changer.

    15:25 (IST)15 Jul 2021
    Shaktikanta Das looks at how far India has travelled in terms financial inclusion

    Das highlights India has come a long way in fascilitating access to bank services to last mile and increasing usage of financial products. NSFI and NSFE provide roadmap for a cordinated approach towards finacial inclusion and literacy.   

    15:25 (IST)15 Jul 2021
    Shaktikanta Das looks at how far India has travelled in terms financial inclusion

    Das highlights India has come a long way in fascilitating access to bank services to last mile and increasing usage of financial products. NSFI and NSFE provide roadmap for a cordinated approach towards finacial inclusion and literacy.   

    15:19 (IST)15 Jul 2021
    Shaktikanta Das Live: Financial inclusion is crucial for sustainable economic growth

    RBI Guv Shaktikanta Das starts his address stating that financial inclusion is crucial for sustainable economic growth that helps reduce poverty and income inequality.

    15:14 (IST)15 Jul 2021
    Shaktikanta Das Live faces technical glitches; will resume shortly

    Due to technical glitches, live address is affected. It will resume shortly. 

    15:06 (IST)15 Jul 2021
    Reserve Bank Governor Shaktikanta Das earlier flagged rising cyber-attacks as risk

    Earlier this month, Das flagged rising data breaches and cyber-attacks as among the risks for the recovering economy, along with others like firming global commodity prices.  (PTI)

    15:02 (IST)15 Jul 2021
    RBI Governor's address to start shortly

    RBI Governor Shaktikanta Das's address at Financial Inclusion Summit will begin in a few minutes.

    15:00 (IST)15 Jul 2021
    RBI announces cut-off for the new 10-year bond at 6.10%

    Last week, RBI had announced the cut-off for the new 10-year bond at 6.10%, which was higher than that of the current benchmark yields. It sold Rs 14,000 crore of new 10-year bond as part of Rs 26,000 crore during the auction on July 9. However, this was the first auction when there was no devolvement of bids to primary dealers.  Read More

    14:56 (IST)15 Jul 2021
    RBI governor Shaktikanta Das said creating new money has downsides

    Direct financing of the government’s fiscal deficit by the central bank or creation of new money is fraught with several downsides, Reserve Bank of India (RBI) governor Shaktikanta Das said on Wednesday. 

    14:51 (IST)15 Jul 2021
    Shaktikanta Das address at 3 pm

    According to a recent tweet by Reserve Bank of India, Shaktikanta Das will address this year's Financial Inclusion Summit at 3:00 pm today (July 15, 2021).

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