Indian Prime Minister Modi Asks Reserve Bank to Prepare 20-Year Financial Inclusion Roadmap

Friday, April 3, 2015

Prime Minister Narendra Modi on Thursday asked the Reserve Bank of India to prepare a 20-year roadmap for deepening financial inclusion in the country.

Speaking at a function to commemorate the completion of 80 years of the RBI, Modi said that the financial inclusion programme should be rolled out in phases with the first target to be met by 2019, when the country will celebrate the 150th anniversary of Mahatma Gandhi.

“So, a roadmap on how the Indian banking system will reach the doorstep of the poor will have to be readied,” the Prime Minister said, even as he lauded the RBI’s contribution to the economy.

Modi emphasised that banks should zero in on target groups and achieve the financial inclusion goals.

“Cooperative banks, microfinance institutions, nationalised banks as well as the RBI should think in one direction (financial inclusion). This is possible,” he said.

Source: Business Line (link opens in a new window)

financial inclusion, microfinance