Mumbai: Prime Minister Narendra Modi today called upon the Reserve Bank of India to prepare a 20-year roadmap for further deepening financial inclusion in the country. Speaking at a function to celebrate 80 years of the establishment of the Reserve Bank of India, Modi said in the run-up to the central bank’s centenary in 2035, it should set a target as to the level of financial inclusion it wants to see in the country.
RBI will be completing 100 years in 2035…It will be appropriate for the central bank to work on the theme of financial inclusion and prepare a road map for achieving it,” he said while addressing a function to mark the 80th anniversary of the Reserve Bank of India.
The other milestones for achieving financial inclusion could be 150th birth anniversary of Mahatma Gandhi in 2019, 75th year of Independence in 2022, 90th anniversary of RBI in 2025 and 100 years of RBI in 2035, the Prime Minister said. These are four important dates…We can create a road map for financial inclusion,” he said, adding that the financial inclusion should not remain a government programme but should become “an article of faith”.
Expressing concern of farmers’ suicides and the plight of the poor people in the country, Modi asked the bankers to be considerate in providing financial assistance to poor.Farmers’ plight should, he added, shake up the conscience of the banking sector. Our farmers commit suicide. The pain of this should not only be restricted to newspapers and TV screens. When farmer dies, does it shake the heart of banking sector? Because of taking loan from money lender, he has to face death,” Modi said.
The Prime Minister said: “As RBI celebrates 80 years, can we think within ourselves that we will expand our banking sector so much that farmers would not have to commit suicide because of huge debt burden. Can we not dream of this?… I do not believe by helping poor a bank will become insolvent. Modi urged banks to come up with creative financial inclusion instruments to help prevent farmer suicides, adding that providing assistance to farmers would also help in promoting environment friendly initiatives.
The banks, which take pride in funding green initiatives, should also provide funds to farmers for planting trees which is as important as reducing carbon emission by factories, he said, adding: I come as a representative of the poor, underprivileged, marginalised and tribals… I seek on their behalf and trust you will not disappoint me.”
Modi said the success of the Pradhan Mantri Jan Dhan Yojana and the Direct Benefit Transfer of LPG subsidy had shown the potential of the enormous role that the banking sector can play in ensureping financial inclusion. Along with economic and social parameters, there is alsrea
Bureau Report
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