Jan. 14, 2020

The Reserve Bank of India (RBI) released the National Strategy for Financial Inclusion (NSFI) for the period 2019-2024.

Key highlights of the strategy:

  • Strengthen the ecosystem for various modes of digital financial services in all Tier-II to Tier VI centres to move towards a less-cash society by March 2022.

  • Increase outreach of banking outlets to provide banking access to every village within a 5-km radius or a hamlet of 500 households in hilly areas by March 2020.

  • Aim was also to see that every adult had access to a financial service provider through a mobile device by March 2024.

  • Every willing and eligible adult, who has been enrolled under the Prime Minister Jan Dhan Yogana, to be enrolled under an insurance scheme and a pension scheme by March 2020.

  • Make the Public Credit Registry (PCR) fully operational by March 2022 so that authorised financial entities could leverage the same for assessing credit proposals from all citizens. 

Source : The Hindu