New Delhi, February 11 The Ministry of Finance, along with all other stakeholders, discussed the need to formulate strategies to bring individuals currently outside the formal credit system into the mainstream credit framework, among other things, to promote financial inclusion.
Financial Services Secretary M Nagaraju, while chairing the meeting, deliberated on the preparation of the roadmap for Financial Inclusion 2.0.
Detailed discussions were held on all aspects, with active participation from all stakeholders present in the meeting, the Ministry of Finance said in a statement on Wednesday.
The discussions focused on the preparation of a plan document for furthering financial inclusion, covering key areas such as access to banking services for all citizens, augmentation of banking infrastructure in villages, availability of formal credit, particularly for women and vulnerable sections of society, and achieving the goal of insurance and pension for all citizens by 2047.
Besides, the meeting also discussed the development of innovative digital and financial products, increasing the penetration of digital transactions, particularly in rural/semi-urban areas, raising awareness on financial frauds, including digital frauds, and imparting financial and digital literacy to adults as well as to students in secondary and senior secondary levels.
Nagaraju emphasized the need for further strengthening measures, such as the presence of at least one bank branch in each subdivision in the northeastern region, enhancing insurance and pension coverage for all citizens, and formulating strategies to bring individuals currently outside the formal credit system into the mainstream credit framework.
Based on the discussions and further deliberation, a final report for furthering financial inclusion in the country will be issued in due course, it added.