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Financial inclusion poised to grow exponentially in India: RBI Governor Shaktikanta Das
In a large country like India, which has an aspiring population, financial education cannot remain just the responsibility of financial sector regulators, says RBI Governor Shaktikanta Das
BusinessToday.In | December 16, 2020 | Updated 15:14 IST
RBI Governor Shaktikanta Das
Financial inclusion in India is poised to grow exponentially with digital savvy millennials joining the workforce, social media blurring the urban-rural divide and technology shaping the policy interventions, RBI Governor Shaktikanta Das said at a webinar on national strategy for financial education. As we inch towards the close of what has been an unprecedented year in terms of loss of lives and livelihood and the way of living in general, it would be appropriate to look at the area of financial inclusion and literacy which has both broad macro level implications for financial stability as also a micro connotation towa
RBI governor asserts financial inclusion poised to grow in India with digital-savvy millennials joining workforce ANI | Updated: Dec 16, 2020 15:32 IST
New Delhi [India], December 16 (ANI): Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday said financial inclusion in the country is poised to grow exponentially with digital-savvy millennials joining the workforce, social media blurring the urban-rural divide and technology shaping the policy interventions.
He also highlighted the RBI s and government s role and steps erquired for enhancing financial inclusion and education.
Das opined that financial education is one of the strategic pillars, which sets the broad context for the National Strategy for Financial Education (2020-2025) having an ambitious vision of creating a financially aware and empowered India.
Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday said banks must focus more on cash-flow based lending instead of relying on collaterals for their lending decisions. To improve the credit to gross domestic product (GDP) ratio, access to credit and cost of credit need to be addressed by lesser reliance on collateral security and greater cash-flow based lending, the RBI governor said at a webinar on investor education organised by National Council of Applied Economic Research (NCAER). In this regard, credit bureaus and the proposed Public Credit Registry (PCR) framework can improve the flow of credit as well as credit culture in the country, according to the governor.
December 16, 2020
Shaktikanta Das, Governor, Reserve Bank of India - PAUL NORONHA×
SCBs’ credit as a per cent of GDP fell to 50.99% in FY20 from 51.51% in FY19: RBI data
Access to credit and cost of credit need to be addressed by lesser reliance on collateral security and greater cash-flow-based lending to improve the credit-to-GDP ratio, according to Reserve Bank of India Governor Shaktikanta Das.
In this regard, Das observed that credit bureaus and the proposed Public Credit Registry (PCR) framework are expected to improve the flow of credit as well as credit culture.
As per RBI data, scheduled commercial banks’ credit as a per cent of GDP came down to 50.99 per cent in FY20 from 51.51 per cent in FY19.