USIBC India Ideas Summit: Experts discuss financial inclusion in India
The US India Business Council's India Ideas Summit is underway in Mumbai.
Experts and business leaders from US and India - Hemant Contractor, chairman of PFRDA, Shashank Saksena, department of economic affairs, finance ministry, Satish Pillai, MD and CEO of TransUnion CIBIL, Pedro Esteban Borda of Principal International, Zarin Daruwala, CEO – India at Standard Chartered Bank and TR Ramachandran, group country manager – India at Visa - discussed the issue of financial inclusion.
Hemant Contractor:
If you want to talk about financial inclusion in India, the country has made very great strides in the last three-four years.
Jan Dhan Programme, which was launched in 2014 was the most ambitious financial inclusion programme in the world, he said.
"It was so impressive that it got an entry in the Guinness Book of Records in terms of the number of bank accounts that were opened in the first year of its launch,” Contractor said.
Shashank Saksena: We could assess pension system through five key outcomes which are efficiency, sustainability, coverage, adequacy and security, Saksena said on financial inclusion in the pension scheme.
Zarin Daruwala: More than 50 percent were opened in the name of women through Jan-Dhan account.
"We have to look at the female inclusion because if you look at India, women contribution to gross domestic product (GDP) is very low, Daruwala said.
"I think that is a very good thing that is happening. Clearly banks have been doing their bit, they have been doing it for many years in terms of priority sector lending," she added.
First Published: Sept 5, 2018 8:41 PM IST
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