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Financial inclusion strategy
Why is it in the news?
- The Reserve Bank of India (RBI) has chalked out an ambitious strategy for financial inclusion till 2024.
- Wider acceptance and adoption of digital payments will play a key role towards financial inclusion.
More in the news
- Aim:
(1) To strengthen the ecosystem for various modes of digital financial services in all Tier-II to Tier VI centres.
(2) T create the necessary infrastructure to move towards a less-cash society by March 2022.
(3) To see that every adult had access to a financial service provider through a mobile device by March 2024.
- Objective:
(1) Increasing outreach of banking outlets of to provide banking access to every village within a 5-km radius or a hamlet of 500 households in hilly areas by March 2020.
- Key Point of RBI Report:
(1) Along with traditional banking outlets, payments banks, small finance banks, co-operative banks and other non-bank entities such as fertilizer shops, fair price shops, should also promote efficiency and transparency through digital transactions.
Source
The Hindu.