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Momentum generated by PMJDY needs to be taken forward: RBI

NEW DELHI: The momentum generated by the government’s PMJDY needs to be taken forward to ensure better delivery and choices available to the end customers with active involvement from the service providers including private sector players, said an RBI report on Friday.

The National Financial Inclusion Strategies (NFIS) document for 2019-24 also said the digital infrastructure in the country needs to be expanded through better networking of bank branches, banking correspondent outlets, micro ATM, PoS terminals and stable connectivity.

It also said the banks may undertake periodic review of their existing products and adopt a customer-centric approach while designing and developing financial products.

Globally, the adoption of the NFIS have accelerated significantly in the past decade.

Keeping in view the global trend, the RBI under the aegis of the Financial Inclusion Advisory Committee initiated the process of formulation of the National Strategy for Financial Inclusion (NSFI) for the period 2019-2024.

The Pradhan Mantri Jan Dhan Yojana (PMJDY), launched in August 2014, was a “watershed” in the financial inclusion movement in the country, the RBI said.

The programme leverages on the existing large banking network and technological innovations to provide every household with access to basic financial services, thereby bridging the gap in the coverage of banking facilities.

NFIS has been approved by the Financial Stability Development Council (FSDC).

The document sets forth the vision and key objectives of the financial inclusion policies in India to expand the reach and sustain the efforts through a broad convergence of action involving all the stakeholders in the financial sector, the RBI said.

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