India’s Jan Dhan Yojana has helped poor, but financial inclusion still far off

Tuesday, February 3, 2015

Even as the Prime Minister’s Jan Dhan Yojana (PMJDY) has helped a majority of poor households in India open bank accounts, there are many activities of financial inclusion still pending fulfilment, said a panel of experts at the annual banking conclave organized by Mint on Thursday.

The panel consisted of senior officials from the banking and financial inclusion space, including Vijay Mahajan, chairman, Basix Group; Vikram Akula, chairperson, Vaya Finserv Pvt. Ltd; V. Vaidyanathan, chairman and managing director, Capital First Ltd; Alok Prasad, chief executive officer, Microfinance Institutions Network (MFIN); Romesh Sobti, managing director (MD) and chief executive officer (CEO), IndusInd Bank Ltd, and Vishwavir Ahuja, MD and CEO, Ratnakar Bank Ltd (RBL).

Vaidyanathan of Capital First said exclusion of the urban poor was one of the most important issues overlooked by the banking industry. “There is a lot of exclusion, right under our noses, in the urban territories. That has often gone unnoticed, unreported and unattended. So, when we talk of financial inclusion, I’d wish that we bring the urban poor into the agenda. That would make a big difference,” he said.

Source: Live Mint (link opens in a new window)

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financial inclusion, government