Narendra Modi said India’s banks should aim to deliver financial services to all households in the country by 2035. Photo: Abhijit Bhatlekar/Mint
Mumbai: Prime Minister Narendra Modi on Thursday said India’s banks should aim to deliver financial services to all households in the country by 2035. He was speaking at a financial inclusion conference organized as part of the 80th anniversary celebrations of the Reserve Bank of India (RBI). The 10 most important points made by Modi were:
1) Banks should set milestones before 2035, the centenary year for RBI, and work towards making banking services available to every single household in the country.
2) So far, about Rs.14,000 crore worth of deposits have come in through new accounts opened under the Prime Minister’s Jan Dhan Yojana. Banks must improve this number.
3) Banks should fund marginal farmers in a way so that no farmer commits suicide due to excessive debt.
4) Banks should give up the fear of non-performing loans while lending to marginalized sections of society and to those excluded from the formal financial system.
5) Banks should fund more small businesses and entrepreneurs to help increase employment and productivity.
6) They should partner in knowledge funding so that the poorest of students can be financed to be able to pursue courses of their choice.
7) Banks should convince their employees to let go of the cooking gas subsidy so that it can be used to make these cylinders more affordable to the poor, who still use choolahs.
8) Bankers should fund farmers to grow more trees where crops have failed to reduce carbon emissions and maintain soil fertility.
9) Banks should fund a second green revolution in eastern India by tapping into the development that will come to these states due to their abundance in natural reserves.
10) RBI must ensure the paper and ink used in minting currency is Indian and not imported.
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