Panel Discussion : Financial Inclusion in the Digital Era – Transformation in the Market

2nd BFSI Leadership Summit 2016 : Panel Discussion : Financial Inclusion in the Digital Era – Transformation in the Market

Sumnesh Joshi, Assistant Director General, UIDAI, NITI Aayog, Government of India
“Through financial inclusion, we want everyone should have access to all kind of financial products – insurance, loan, mutual fund, equity. When all are able to access such products we can say it’s the real meaning of financial inclusion. It isn’t about just opening of a bank account.”

G B Bhuyan, General Manager, FI, Bank of Baroda
“Anything that brings about inclusive growth in society is real financial inclusion for which financial literacy is a pre-condition. It can’t happen without technology. So, we’ve digitised so many products. Our customers can avail them digitally without visiting bank.”

R B Gupta, General Manager, Rural Self Employment Training Institutes, Central Bank of India
“In rural areas, people don’t know about banking, what is finance. How to do that? Only 40% of farmers are availing loans in organised sector. Still over 60 percent of farmers are availing loans from unorganised sector; Sahukar. We need to think financial literacy’s role more than financial inclusion.”

PC Panigrahi, General Manager, FI, Union Bank of India
“Technology inclusion will increase in bank its return on assets…There is a changing customers’ perception from traditional to doorstep banking and at present palm banking… Why technology to drive financial inclusion? The answer is: low ticket size of transactions.”

Sanjay Silas, President and Head- Branch Banking and Rural Banking, Axis Bank
“In rural areas, one important thing we have done is micro-ATMs. It’s data capture machine what you use for all electronic payments for credit, debit and smart cards. We are using the machine in rural areas and giving it to our business correspondents. Rather now we are giving it to our branches also so that we don’t need a teller.”