Friday, February 21, 2020
RBI released National Strategy for Financial Inclusion for five-year period. As per RBI statement access to formal finance can boost job creation, reduce vulnerability to economic shocks and increase investments in human capital.
The Financial Inclusion Advisory Committee of the RBI — in consultation with the Centre,SEBI, IRDAI, and PFRDA— has recommended various ways in which the objective can be fulfilled.The key recommendations are
1.Access to fibacial servic providers in every village within a range of 5km
2.Every adult registered under PNDY should be enrolled in insurence,pension scheme
3.Public credit registry to be made fully operational by MArch 2022
4. Strenthening of digital finacial services to facilitate less cash society
5. Every new entrant should be given information on govt livelihood programme
