RBI's Financial Inclusion Drive: Bridging Gaps, Building Futures

Mumbai: On the occasion of the 90th anniversary function of the Reserve Bank of India (RBI), Governor Sanjay Malhotra reiterated the central bank's commitment to broadening and deepening financial inclusion in India. He stressed the need to harness technology and innovation to improve access, efficiency, and resilience in the financial system.

Malhotra identified that over 551 million accounts have been opened across several programs, while the Financial Inclusion Index stood at 64.2 in March 2024, as opposed to 43.4 back in 2017. Malhotra added that account opening should only be the tip of the iceberg compared to other actual engagement with money products such as credit, insurance, and pension.

He noted that the RBI would modernize regulations with the balance of stability and efficiency and assured cooperation with stakeholders in the process of equitably distributing financial services to those who have not been well-covered.

As India plans to achieve high economic status by 2047, Malhotra emphasized agility, innovation, and public confidence to deal with challenges such as climate change and international uncertainties. "The RBI is watchful and forward-looking in its endeavour to serve the country," he added.

Source: Business Standard