Kolkata: The Reserve Bank of India i.e RBI has begun preparation for driving the next Update of financial inclusion, look about to enhance the penetration of insurance and pension coverage besides bridging the gaps in traditional banking services in the country’s rural hinterland. Financial regularities may have formal roles in achieving the targets. The future strategy will include financial inclusion goal posts not only for state based enterprises, which have traditionally led the initiatives to help achieve the government’s social objectives, but also the economic regulators for which have thier specific roles. To that end, the government may assign pre-set goal posts for RBI and the other financial and economic regulators, such as the Insurance Regulatory & Development Authority of India, Pension Fund Regulatory & Development Authority and Securities & Exchanges Board of India ( SEBI ), RBI officials familiar with the matter told ET. The broad idea is to deepen the over all financial services coverage.
For Financial Inclusion, RBI has sent a draft National Strategy to the Financial Stability & Development Council (FSDC), headed by the finance minister, for its review. The strategy, which is in the works, will cover a five-year period from 2019.
“A sub-committee of FSDC is reviewing the draft. The strategy may be ready in next six months,” said an RBI official.
“Sebi’s role in financial inclusion may be limited to the urban pockets.” The future plan may also detailed on expanding the scope of direct benefit transfer, which is at present restricted to 23 % of total JanDhan accounts, according to official data.
The ratio of people Join the Formal Financial system in terms of account at financial institutions has more than doubled of it in 2011, mention in RBI Progress Report. banking coverage reached 80 % of the Indian population, although 23 % of these account receive direct benefit transfers, according to statistic up to August 2018.
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