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.
In order to improve financial literacy, Das said that financial eduction will be added in curriculum of school children.
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.
As of March 2021, banks have received digital coverage of 95.9% of individuals while achievment for businesses stood at 89.8%.
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.
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.
According to Dad, UPI platform that fascilates transactions via smartphones witnessed over 280 crore transactions 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.
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.
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.
According to Das, there are three areas where the focus will now lie.
1. How to identify the customer
2. How to reach the last mile
3. How to provide relevant products which are affordable and safe
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.
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.
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.
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.
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.
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.
RBI Guv Shaktikanta Das starts his address stating that financial inclusion is crucial for sustainable economic growth that helps reduce poverty and income inequality.
Due to technical glitches, live address is affected. It will resume shortly.
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)
RBI Governor Shaktikanta Das's address at Financial Inclusion Summit will begin in a few minutes.
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
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.
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).