Govt Preparing Financial Inclusion 2.0 Roadmap Focused On Universal Access

New Delhi, Feb 12 (KNN) Seeking to further widen banking network and provide last-mile financial services across the country, Department of Financial Services (DFS) Secretary M. Nagaraju held a meeting in New Delhi to discuss the roadmap for Financial Inclusion 2.0.

Key Focus Areas

The discussions focused on preparing a comprehensive plan to strengthen financial inclusion nationwide. 

Key priorities included ensuring universal access to banking services, strengthening banking infrastructure in villages, expanding formal credit—particularly for women and vulnerable groups—and achieving universal insurance and pension coverage by 2047. 

The plan also emphasised promoting innovative digital financial products, increasing digital transaction penetration in rural and semi-urban areas, raising awareness about financial and digital frauds, and enhancing financial and digital literacy among adults and school students.

Strengthening Outreach and Coverage

During the deliberations, Nagaraju stressed the need for further measures to deepen financial access. These include ensuring at least one bank branch in every subdivision in the North Eastern region, expanding insurance and pension coverage, and bringing individuals outside the formal credit system into the mainstream financial framework.

A final report outlining the roadmap for advancing financial inclusion in the country will be issued after further consultations and review.

Senior officials from key ministries, regulatory bodies and institutions attended the meeting, including the Reserve Bank of India (RBI), Department of Economic Affairs (DEA), Ministry of Electronics and Information Technology (MeitY), Ministry of Rural Development, Ministry of Housing and Urban Affairs, Ministry of Labour and Employment, Insurance Regulatory and Development Authority of India (IRDAI), Pension Fund Regulatory and Development Authority (PFRDA), Securities and Exchange Board of India (SEBI), Indian Banks Association (IBA), National Payments Corporation of India (NPCI) and the Indian Cybercrime Coordination Centre (I4C), among others.

(KNN Bureau)