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Concrete targets for financial inclusion are needed: PM

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narendra_modiPrime Minister Narendra Modi urged the Reserve Bank of India (RBI) to encourage financial institutions to set concrete targets for financial inclusion over the next 20 years.

Modi encouraged RBI to set goals on intermediate targets: of 2019, when the country will celebrate the 150th anniversary of Mahatma Gandhi; 2022, 75 years of independence; 2025, 90 years of RBI, and 2035, 100 years of RBI.

“The success of the Pradhan Mantri Jan Dhan Yojana and the Direct Benefit Transfer of LPG subsidy has shown the potential of the enormous role that the banking sector can play in ensuring financial inclusion.” the Prime Minister said at the RBI Conference on Financial Inclusion, which also marked the completion of 80 years of the Reserve Bank of India.

The Prime Minister called for making financial inclusion a “habit.”

He emphasised that that along with economic and social parameters, there is need to think of a geographical parameter as well for financial inclusion. “Eastern India has immense economic potential, and the banking sector should recognise and plan for this.”

As part of the ‘Make in India’ initiative, the Prime Minister urged RBI to take the lead in ensuring that India starts to manufacture the paper and ink that are used to print currency notes.

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