Bankers Urged to Deepen Financial Inclusion in India

Swaminathan J, Reserve Bank Deputy Governor, emphasizes the need to improve the usage and quality of banking services in India. He encourages bankers to deeply understand their districts through data analytics and field surveys to enhance financial inclusion. He notes significant progress in digital enablement across 354 districts.

Reserve Bank Deputy Governor Swaminathan J has highlighted the need to enhance the usage and quality of banking services, despite successful efforts in improving access. He urged bankers to gain an in-depth understanding of their districts.

Addressing a conference in Hubballi, Swaminathan emphasized that India's strides in financial inclusion require a heightened focus on usage. Detailed district profiles, including demographic, agricultural, and industrial data, are essential to identify and address gaps in financial services.

Swaminathan reported that 354 districts are now digitally enabled, with ten states and six Union Territories achieving full coverage. He stressed the importance of data analytics and field surveys for creating effective credit plans and fostering sustainable economic growth.

(With inputs from agencies.)