RBI launches 5-year Financial Inclusion Strategy

The Reserve Bank of India has launched National Strategy for Financial Inclusion (2019-24). The main motive of the strategy is to provide access to financial services in an affordable manner.

Highlights

The Strategy has been launched after thorough consultation with SEBI (Securities Exchange Board of India), PFRDA (Pension fund Regulatory and Development Authority of India) and also Insurance Regulatory and Development Authority of India (IRDAI). The strategy was launched based on the recommendations of the Financial Inclusion Advisory Committee that worked in consultation with the above agencies.

Key Recommendations

The following are the recommendations included in the strategy

  • The committee has recommended Universal Financial Access. Under this, every village will have formal financial service provider within a radius of 5 km.
  • The committee has recommended for the strengthening of Digital Financial Services to reach a less-cash society by 2022.
  • Every adult registered under Pradhan Mantri Jan Dhan Yojana should be enrolled in pension scheme and insurance scheme
  • The Public Credit Registry shall be made completely operational by March 2022.

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