Page 2 - Latest Updates on Financial Inclusion
BS BFSI Summit: SFBs should look beyond universal licence, says R Gandhi
Ex-RBI deputy governor says they must become financial conglomerates
 "BS BFSI Summit: SFBs should look beyond universal licence, says R Gandhi")
MFIs shouldn't sacrifice social mandate at altar of growth: RBI dy governor
M Rajeshwar Rao urges them not to forget sector's original mandate of financial inclusion, as over-indebtedness by borrowers, coercive recovery would roll back gains achieved over the years
 "MFIs shouldn't sacrifice social mandate at altar of growth: RBI dy governor")
PSBs told to push for financial inclusion, expand insurance coverage
The Centre has also asked state-owned banks to enter into co-lending arrangements with NBFCs and MFIs
 "PSBs told to push for financial inclusion, expand insurance coverage")
BRICS report makes case for developing safe digital architecture
A BRICS report has made a strong case for developing a safe digital architecture with a view to gain the trust of stakeholders and promote financial inclusion among the member nations
 "BRICS report makes case for developing safe digital architecture")
Protecting consumers, the heart of finance
Competitive markets in financial services are the best bulwark against consumer fraud in the long run. In the medium term, omnibus and dedicated legislation could be the answer
 "Protecting consumers, the heart of finance")
Beyond bank accounts
Protect investor confidence to increase financial inclusion
 "Beyond bank accounts")
Meet the IIT Roorkee grads who co-founded FamPay, the neobank for teens
The firm provides also financial literacy to teenagers, who have few options to open a bank account at their age; It crossed 2 mn users within eight months of launch
 "Meet the IIT Roorkee grads who co-founded FamPay, the neobank for teens")
RBI's Index on financial inclusion: A very timely initiative
The index includes 97 attributes that are extensive and one assumes that they cover capital markets insurance and other banking services
 "RBI's Index on financial inclusion: A very timely initiative")
Financial inclusion will continue to be a policy priority after Covid: Das
RBI Governor Shaktikanta Das on Thursday said financial inclusion will continue to be a policy priority for the central to make the post-pandemic recovery more equitable and sustainable.
 "Financial inclusion will continue to be a policy priority after Covid: Das")
Meet the former Paytm execs who are building a pocket money app for kids
Shankar Nath and Ankit Gera are digitising pocket money for children while nurturing financial knowledge and discipline in them at an early age via their startup Junio
 "Meet the former Paytm execs who are building a pocket money app for kids")
KYC norms hindering financial penetration
CKYC is failing to have the desired impact due to lack of clear directions from the regulators, and lack of connectivity between the stakeholders and the repository
Almost 86% of 417 million PMJDY accounts operative: MoS Finance
While public sector banks have opened 404.8 million accounts under PMJDY, only 12.7 million accounts were opened by 14 private sector banks
 "Almost 86% of 417 million PMJDY accounts operative: MoS Finance")
Best of BS Opinion: Lessons from GameStop, Covid-19 vaccine, and more
Here's a selection of Business Standard opinion pieces for the day
 "Best of BS Opinion: Lessons from GameStop, Covid-19 vaccine, and more")
Pradhan Mantri Jan Dhan Yojana accounts cross 410 million: Finance ministry
Pradhan Mantri Jan Dhan Yojana (PMJDY) is a flagship scheme of the government to promote financial inclusion
FSS and India Post Payments Bank join hands to promote financial inclusion
Under the deal, IPPB will use FSS' Aadhaar Enabled Payment System to deliver interoperable and affordable doorstep banking services to under-served and un-banked customers across India
 "FSS and India Post Payments Bank join hands to promote financial inclusion")
SBI to raise share of financial inclusion to 20% by March 2022
To cut C/I ratio to 38%; hive off client servicing to BC channel
 "SBI to raise share of financial inclusion to 20% by March 2022")
Farming, fin inclusion weakest spots in aspirational districts plan: study
Most districts are 40-90% off target; Initiatives on water resources and skill development also need much attention
 "Farming, fin inclusion weakest spots in aspirational districts plan: study")
Digital payments in India likely to grow to Rs 7,092 trn by 2025: Report
By 2025, wallets are expected to have a higher penetration and lower-income would eventually drive multiple small-ticket transactions
 "Digital payments in India likely to grow to Rs 7,092 trn by 2025: Report")
RBI frames plan for financial education among school students, communities
The 'National Strategy for Financial Education 2020-2025' suggests a multi-stakeholder-led approach for creating a financially aware and empowered India
 "RBI frames plan for financial education among school students, communities")
Start-ups to get priority sector tag as RBI revises lending norms
It intends to align them with emerging national priorities and bring a sharper focus to inclusive development
 "Start-ups to get priority sector tag as RBI revises lending norms")
