Mint Financial Inclusion Conclave
Even after 65 years of independence, a large section of Indian population still remains unbanked. This malaise has led generation of financial instability and pauperism among the lower income group who do not have access to financial products and services. However, in the recent years the government and Reserve Bank of India has been pushing the concept and idea of financial inclusion. In 2015, the Bank account penetration in India increased from 35 per cent to 53 per cent between 2011 and 2014, but the country also suffers from high dormancy rates, says a World Bank report.
In order to understand the challenges faced by the government sector and to suggest the way forward, Mint in association with RBL brought together a panel of industry experts and thought leaders to discuss and debate financial inclusion in India.
Speaking at Mint’s financial inclusion conclave Usha Thorat, former deputy governor, Reserve Bank of India (RBI) gave an account of the development of financial inclusion through the last four decades in the country and explained why they hadn’t delivered satisfactory results. The keynote speaker talked about the challenges facing the formal financial sector in its efforts to open a bank account for everyone and for holders to transact using these accounts while also availing services such as savings, credit and insurance. RBI’s effort to bring in small finance banks and payments banks also focuses on competition in this space.
Following Thorat’s keynote address, a panel discussion took place among seven prominent financial services experts, who spoke about the architecture of financial inclusion in India.
- The experts from financial sector came together to find out the solution to cultivate the financial inclusion in India.
- The panel comprised B. Sriram, managing director and group executive-national banking at State Bank of India; H.R. Dave, deputy managing director, National Bank for Agriculture and Rural Development (Nabard); Bindu Ananth, chair, IFMR Trust; Jerry Ross, chairman, GlobeOne; Rajesh Makkar, executive vice-president, Fullerton India; Rajeev Arora, chief technology officer, Fino PayTech and Rajeev Ahuja, head of strategy, retail business, financial inclusion and transaction banking at RBL Bank.
- Role of private sector bank in Financial Inclusion
- Banking the unbanked : The Way Ahead
Banking for billions: Crossing the divide.
Built around the theme “Banking for billions: Crossing the divide” the forum will touch upon the demographic, geographic, political, and cultural challenges for financial inclusion. It will discusses the current landscape of financial inclusion in India, highlights the importance of a full range of financial services. A look at the roles of technology, regulation, and financial literacy in increasing access to and the benefit of financial services highlight opportunities for action.
Venue and Date
Venue : Mumbai
Date : 17th June, 2015