DFS Secretary Chairs High-Level Meeting to Prepare Roadmap for Financial Inclusion 2.0

The wide representation underscores the cross-sectoral nature of financial inclusion, covering banking, digital payments, insurance, pensions, securities, cyber security and literacy.

Shri M. Nagaraju, Secretary, Department of Financial Services (DFS), Ministry of Finance, chaired a high-level meeting in New Delhi to deliberate on the preparation of a comprehensive roadmap for Financial Inclusion 2.0.

The meeting brought together senior officials from key Ministries, Departments and regulatory institutions, reflecting a coordinated whole-of-government approach towards deepening financial inclusion across the country.

Broad Institutional Participation

The meeting was attended by representatives from:

• Reserve Bank of India (RBI)

• Department of Economic Affairs (DEA)

• Department of Secondary Education and Training

• Ministry of Electronics and Information Technology (MeitY)

• Ministry of Health and Family Welfare

• Ministry of Rural Development (MoRD)

• Ministry of Housing and Urban Affairs (MoHUA)

• Ministry of Labour & Employment (MoLE)

• 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)

• Indian Cybercrime Coordination Centre (I4C)

• National Payments Corporation of India (NPCI)

The wide representation underscores the cross-sectoral nature of financial inclusion, covering banking, digital payments, insurance, pensions, securities, cyber security and literacy.

Key Focus Areas of Financial Inclusion 2.0

Discussions centred around preparation of a structured plan document to advance financial inclusion across several critical dimensions:

1. Universal Access to Banking Services

Ensuring access to basic banking services for all citizens, particularly in underserved and remote areas.

2. Strengthening Rural Banking Infrastructure

Augmenting banking infrastructure in villages to improve outreach and service delivery.

3. Expanding Access to Formal Credit

Improving availability of institutional credit, especially for:

• Women

• Vulnerable and marginalised sections

• Individuals outside the formal credit ecosystem

4. Insurance and Pension Coverage for All by 2047

Formulating strategies to achieve universal insurance and pension coverage in line with the long-term development vision for India.

5. Development of Innovative Digital and Financial Products

Encouraging innovation to meet evolving financial needs through digital and technology-enabled solutions.

6. Boosting Digital Transactions

Increasing penetration of digital payments, particularly in rural and semi-urban areas.

7. Combating Financial and Digital Frauds

Enhancing public awareness and preventive measures against financial frauds, including cyber-enabled crimes.

8. Financial and Digital Literacy

Strengthening financial and digital literacy among:

• Adults

• Students at secondary and senior secondary levels

Focus on North East and Credit Inclusion

During the deliberations, Shri Nagaraju emphasised the need for targeted measures to strengthen financial access in specific regions.

He highlighted the importance of ensuring:

• At least one bank branch in each subdivision in the North Eastern region

• Enhanced insurance and pension coverage for all citizens

• Structured strategies to integrate individuals currently outside the formal credit system into mainstream financial networks

Towards a Comprehensive National Strategy

Detailed discussions were held on all aspects, with active participation from stakeholders. The collaborative approach reflects the government’s intent to move beyond basic account ownership towards deeper, meaningful financial inclusion.

Based on the deliberations, a final report outlining the roadmap for Financial Inclusion 2.0 will be issued in due course.

The initiative signals a renewed push to build a more inclusive, secure and digitally empowered financial ecosystem aligned with India’s long-term development goals.