Fri, Dec 18, 2015, 03:00 PM - Fri, Dec 18, 2015, 11:00 PM
http://www.et-financialinclusion.com
India is one of the fastest growing large economies in the world today,
expected to grow at around 7.5% in the year to come. But as important as
it is for a country the size of India to grow fast, it is equally
important that growth benefits everyone in the economy and does not
remain restricted to a few urban pockets.
In other words, growth
needs to be inclusive as well. Inclusive growth ensures the availability
of basic services to everyone across a spectrum of human requirements.
Not the least of these is financial inclusion. Even though the banking
sector grew by 14% during 2013-14 and there are 157 domestic banks
operating in the country today, as of August 2015, only 40% of adults
had formal bank accounts.
However, achieving the goal of
financial inclusion is now more possible than ever before. For one, the
penetration of mobile phones in the far reaches of the country has
ensured vast accessibility of banking services to otherwise remote
areas. The advent of the Fintech sector is also impacting the banking
sector by creating newer, faster and simpler solutions, allowing for
greater accessibility by customers. The emergence of new banking
structures like small finance banks, for which 10 licenses have recently
been sanctioned by the RBI as well upcoming payment banks will further
encourage financial inclusion.
Last, but not the least,
government policies like Pradhan Mantri Jan Dhan Yojana (PMJDY) and
Pradhan Mantri Mudra Yojana (PMMY) are further aimed at bringing the
vast unbanked and underserved population of the country under the ambit
of formal banking and financial services. Barely one year since its
inception, have official records showed collections of over Rs. 25,000
crore in small deposits under the PMJDY, with a steady decline in zero
balance accounts. PMMY on its part hopes to provide access to credit to
small entrepreneurs, who otherwise have to take recourse to informal
channels. Policy changes in the operations of Public Sector Banks (PSBs)
are also underway, particularly, in the appointment and
responsibilities of key personnel, to allow them greater
competitiveness.
Who should attend:
- Policy makers, seeking inputs for further policy developments
- Representatives, Multilateral agencies, seeking to provide India developmental assistance
- Representatives, International non-profits, funding/supporting projects in India
Why should you attend:
- Understand policymakers' perspective on major financial programmes better
- Gain insights on the ground developments in the inclusive finance sector
- Find out how bankers are developing new approaches to provide inclusive banking
For
further details, contact: +918055445405 or email:
arti.dhole@timesgroup.com. Learn more about the summit and to register,
visit: http://www.et-financialinclusion.com
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