Inclusion Financial News

financial inclusion. Emerging markets need to get the same access to global financial markets as the rest of the world, economist and former World Bank official Vera Songwe said on Saturday. “We're not getting the equity investment that is needed in the global economy because of a flight to safety,” she said, while speaking at the B20 India Summit being held in New Delhi from August 25-27.

Nirmala Sitharaman on Monday said Jan Dhan Yojana-led interventions and digital transformation have revolutionised financial inclusion in the country, as more than 50 crore people have been brought into the formal banking system with cumulative deposits surpassing Rs 2 lakh crore. On the ninth anniversary of the Pradhan Mantri Jan Dhan Yojana (PMJDY), which is one of the biggest financial inclusion initiatives in the world, Sitharaman in her message said 55.5 per cent bank accounts have been opened by women, and 67 per cent have been opened in rural/semi-urban areas. Under the scheme, the number of bank accounts grew 3.4-fold from 14.72 crore in March 2015, to 50.09 crore as on August 16, 2023. Total deposits too have swelled from Rs 15,670 crore as of March 2015, to over Rs 2.03 lakh crore as of August 2023. The average deposits in Jan Dhan accounts have increased 3.8 times from Rs 1,065 as of March 2015, to Rs 4,063 in August 2023.

New Delhi: The government is considering a proposal to include electric vehicles (EVs) in priority sector lending category, a senior official said on Saturday. «We have received a representation to include EV in priority sector. We will look at reworking the priority sector lending requirements for banks,» the official said adding the issue has to be discussed with the Reserve Bank of India. As per RBI guidelines, it is mandatory for banks to extend 40 per cent of their adjusted net bank credit to priority sector. Currently, seven sectors — agriculture, Micro, Small and Medium Enterprises (MSME), export credit, education, housing, social infrastructure, and renewable energy — are considered for priority sector lending (PSL).

B20 Summit India 2023 here, Tata Sons Chief Economist and Head of Policy Advocacy, Roopa Purushothaman said while inequality between countries has been getting better, inequality within countries has been worsening in the last few decades or more. «As we look forward, we're sitting amidst a group of trends that are really posing serious challenges to inclusion.

financial inclusion model and move much faster, said Dinesh Kumar Khara, SBI Chairman, on Thursday. “If you look at it in our country, I think it's a lesson for all of the globe on how the payment system could be so efficient, cheap and economical,” Khara said in an exclusive interview with ET on the sidelines of B20 Summit organized by CII in New Delhi. Khara noted that if Jan Dhan had been a pure vanilla account, people would not have shown so much interest in the scheme and it is the addition of services which has given it nuance. “Now it has gone beyond.

India has leapfrogged over the last decade and other countries can learn from its financial inclusion model and move much faster, State Bank of India (SBI) chairman Dinesh Kumar Khara said on Thursday. «If you look at it in our country, I think it's a lesson for all of the globe on how the payment system could be so efficient, cheap and economical,» Khara told ET on the sidelines of the B20 Summit. He said if Jan-Dhan had been a pure vanilla account, people would not have shown so much interest and that it is the addition of services that has given it nuance.

₹939.00 apiece on the BSE. Around 2.3 crore Paytm shares or 3.6% stake of the company changed hands in a bunch of deals, according to reports. Earlier, reports said that Antfin was set to sell another 3.6% shares, or 2.3 crore shares in the fintech giant via block deal on Friday.

A recent decision of Kannur University to include 'My Life as a Comrade', the autobiography of former Kerala minister and CPM senior leader K.K. Shailaja, in the university syllabus has triggered a row.

BRICS 2023 summit: UAE President Mohammed bin Zayed Al Nahyan on 24 August said his country looks forward to working with BRICS for the benefit of all. In a post on X, formerly known as Twitter, he wrote, “We respect the vision of the BRICS leadership and appreciate the inclusion of the UAE as a member to this important group.

BRICS summit in South Africa later this year. The motivations behind this inclination toward BRICS are rooted in developing nations' dissatisfaction with the stringent conditions imposed by Western-dominated institutions.

chartered accountant (CA), is listed for hearing before a bench of Chief Justice Satish Chandra Sharma and Justice Sanjeev Narula. The plea said by including CAs and other professionals within the definition of «reporting entities» under the Prevention of Money Laundering Act (PMLA), «onerous obligations» have been put on them with consequences of noncompliance leading to criminal prosecution, and it virtually makes such professionals engage in «policing» their own clients with whom they interact in fiduciary capacity.

leadership to nominate me to the Working Committee," Shashi Tharoor said in a post on X. In a video message, Shashi Tharoor said, “As one who is aware of the historic role played by the CWC in guiding the party over the last 138 years, I am humbled and grateful to be part of this institution, and look forward to the opportunity to serve the party alongside my dedicated colleagues." The Congress MP said, "None of us can accomplish anything without the lakhs of committed workers who are the lifeblood of the party.

Narendra Modi highlighted India's role as a testing ground for innovative solutions during the G20 Digital Economy Working Group Ministers Meet. He introduced "Bhashini," an AI-powered language translation platform, aimed at promoting digital inclusion across India's diverse languages. He emphasized India's digital infrastructure as a scalable, secure, and inclusive solution for global challenges.

Financial inclusion is a critical driver of economic development, and embedded finance as-a-service has emerged as a powerful tool to deepen financial inclusion in India's new age economy with over USD 5bn in market size. The growing and prominent role of fintech in leveraging embedded finance to unlock new value chains, empower underserved populations, and drive economic growth is undisputed. However, despite significant progress, India still faces challenges in achieving comprehensive financial inclusion.

Tilak Verma, but the way Team India is playing in a World Cup year displays the extreme need to take some out-of-the-box steps. West Indies did not even qualify for the World Cup and we struggled against them so badly during the ODI and T20 matches.

Terming the Unified Payments Interface (UPI), a public sector initiative, Reserve Bank of India (RBI) Governor Shaktikanta Das said that it was not necessary that public goods could only be set up and financed by the public sector. “In this regard, it is worthwhile to build innovative design features which private investors find attractive in financing GPGs,” Das said while delivering closing remarks at a G20 Finance Track National Event organised by the Finance Ministry and the RBI. Keeping in mind very large investment requirements for setting up global public goods (GPGs), trigger financing could come from public investment, which would minimise risk and widen market access, Das said. “Subsequent financing needs can be met by the private sector. This is where international capital flows and movements assume importance,” he said. The central bank head said that multilateral development banks could act as catalysts for private sector investments through risk-sharing methods.

Arvind Kejriwal is well aware that if he does not get control of the vigilance department, he will be sent to jail for at least eight to ten years. (With inputs from agencies)

Reserve Bank of India has announced that Regional Rural Banks would be given more freedom to mobilise resources and to deploy them within their geographical boundaries. The RBI has highlighted that important forces boosting socio-economic growth are the financial activity of the banking industry. Rural development also means transformation of the rural population.

As technology advances, artificial intelligence (AI) has become more than a buzzword used by high-level executives. Today, technology is becoming a part of the world’s everyday interactions, with several real-world use cases emerging. According to an article from MIT Sloan School of Management, some of these prominent use cases include investing in skills and training to transform job quality, rapidly developing content such as with tools like ChatGPT and, in the financial sector, rebalancing taxes. In the blockchain space, another use case was made apparent from early and mid-stage blockchain projects that have begun to use AI and tokenomics to create more liquidity for project tokens.

By Sanjeev Kumar

SVANidhi) scheme. He further urged banks to devise the strategy and step up efforts to increase the digital onboarding of street vendors and scale up their digital payments, the finance ministry said in a statement on Thursday. PM SVANidhi scheme envisages empowerment of street vendors through hassle free access to affordable credit and their digital onboarding for their economic development.