{"id":119100,"date":"2021-07-16T20:37:04","date_gmt":"2021-07-16T15:07:04","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=119100"},"modified":"2021-07-17T12:54:01","modified_gmt":"2021-07-17T07:24:01","slug":"financial-inclusion-is-a-policy-priority-das","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/financial-inclusion-is-a-policy-priority-das\/","title":{"rendered":"Financial inclusion is a policy priority: Das"},"content":{"rendered":"<p><strong>Source: <\/strong><a href=\"https:\/\/epaper.thehindu.com\/Home\/MShareArticle?OrgId=GUL8P7KUC.1&amp;imageview=0\"><strong>The Hindu<\/strong><\/a><\/p>\n<h5><strong>What is the News?<\/strong><\/h5>\n<p>The Reserve Bank of India(RBI) Governor addressed the Economic Times Financial Inclusion Summit.<\/p>\n<h5><strong>Key Highlights from the Address:<\/strong><strong>\u00a0<\/strong><\/h5>\n<h5><strong>Financial Inclusion:<\/strong><\/h5>\n<ul>\n<li><strong>Financial Inclusion <\/strong>will continue to be the RBI\u2019s policy priority as India recovers from the pandemic.<\/li>\n<li><strong>For this, <\/strong>RBI will soon launch a <strong>\u2018financial inclusion index\u2019<\/strong> to measure and improve the extent of access, usage, and quality of financial inclusion in the country.<\/li>\n<li><strong>Moreover<\/strong>, to promote financial inclusion, RBI has a pilot project going on in association with banks under which, at least one district in each State\/UT would be 100% digitally enabled. The project has been initially started in 42 districts in 2019.<\/li>\n<\/ul>\n<h5><strong>Micro finance: <\/strong><\/h5>\n<ul>\n<li><strong>Microfinance <\/strong>is a form of financial service which provides small loans and other financial services to poor and low-income households.<\/li>\n<li><strong>RBI has recently issued a consultative document <\/strong>for harmonising regulatory frameworks for various regulated lenders in the microfinance sector.<\/li>\n<li><strong>The primary objective of the document<\/strong> is to address the concerns relating to the over-indebtedness of microfinance borrowers; enable market mechanisms to rationalize the interest rates and empower the board to make an informed decision by enhancing the transparency of loan pricing.<\/li>\n<\/ul>\n<h5><strong>Increase in Digital Payments:<\/strong><\/h5>\n<ul>\n<li><strong>The number of <\/strong>prepaid payment instruments(PPI) had increased at a compounded annual growth rate of 53% from 41 crores in May 2017, to 226 crores in May 2021.<\/li>\n<li><strong>During June 2021, <\/strong>payment systems in India had processed more than 15 crore transactions amounting to almost \u20b94.5 lakh crore per day.<\/li>\n<li><strong>UPI platform has also<\/strong> witnessed over 280 crore transactions in June 2021. Globally, there has been a lot of interest in UPI.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: The Hindu What is the News? The Reserve Bank of India(RBI) Governor addressed the Economic Times Financial Inclusion Summit. Key Highlights from the Address:\u00a0 Financial Inclusion: Financial Inclusion will continue to be the RBI\u2019s policy priority as India recovers from the pandemic. For this, RBI will soon launch a \u2018financial inclusion index\u2019 to measure&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/financial-inclusion-is-a-policy-priority-das\/\">Continue reading <span class=\"screen-reader-text\">Financial inclusion is a policy priority: Das<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,9],"tags":[8438],"class_list":["post-119100","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-public","tag-financial-inclusion-is-a-policy-priority","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/119100","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=119100"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/119100\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=119100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=119100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=119100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}