Inclusion Financial News

The finance ministry has asked public sector banks to achieve the targets allocated to them under the various schemes for financial inclusion for the current financial year at the earliest. The call came on Thursday during a review meeting chaired by Department of Financial Services (DFS) secretary Vivek Joshi with heads of public sector banks (PSBs).

India’s largest private sector lender HDFC Bank Ltd is working on establishing a more inclusive workplace, enhancing customer service and strengthening digital infrastructure, chief executive officer Sashidhar Jagdishan said on Wednesday. In his message to shareholders in the bank’s annual report, Jagdishan emphasized the importance of fostering a supportive culture to effectively harness talent, potential and capabilities. To achieve this goal, the bank has implemented a managerial behaviour framework based on the principles of nurture, care and collaboration.

Reliance Industries Ltd’s demerged entity Jio Financial Services will temporarily enter the blue-chip indices NSE Nifty 50 and BSE Sensex on 20 July. NSE will conduct a special pre-open auction session for the Mukesh Ambani-led RIL stock, following the financial services arm spin-off, to determine RIL stock price without the demerged unit. Jio Financial Services will also join 18 other NSE indices such Nifty 100, Nifty 200, Nifty 500, Nifty Energy, and Nifty Oil & Gas until it is listed on the bourses for trading.

GANDHINAGAR : India and the US have agreed to collaborate on a range of issues, including strengthening multilateral development banks (MDBs), promoting climate action, and facilitating energy transition, Union finance minister Nirmala Sitharaman said. After a meeting with US treasury secretary Janet Yellen at a G20 event on Monday, Sitharaman said the two countries would also work to smoothen the consensus on indebtedness of low- and middle-income countries and harness opportunities presented by crypto assets and digital public infrastructure for financial inclusion.

Union Finance Minister Nirmala Sitharaman said on Friday. Addressing an intellectuals' meet organised by the district unit of BJP in Udupi, she said the BJP rule was marked by «Seva, inclusion and improvement of Micro, Small and Medium Enterprises (MSMEs).» The reforms brought in by Prime Minister Narendra Modi-led union government in the financial sector has helped the ease of doing business, particularly in the small and medium sector in the country, she noted. She further said the Modi government has accorded priority to the growth of MSMEs by removing archaic laws and compliance burden.

Goods and Services Tax Network (GSTN) under Prevention of Money Laundering Act, saying that the body will share information with Financial Intelligence Unit and not with the Enforcement Directorate and move was in line with the requirement under the Financial Action Task Force (FATF). India's FATF review is due in November.

LTI Mindtree share price gained over 1% and touched a new 52-week high on Wednesday's trading session after the technology major replaced housing finance giant, Housing Development Finance Corporation Ltd (HDFC) on the Nifty 50 index on Tuesday. LTI Mindtree shares opened at ₹5,373.05 apiece on BSE. The stock hit a intraday high of ₹5,425 and low of ₹5,225.

Cryptocurrencies have the potential to revolutionize the financial industry by offering decentralized and secure transactions and promoting financial inclusion. They can play a significant role in areas where traditional banking services are unavailable or inaccessible by bridging the gap and providing access to financial services to those left out. How can Cryptos promote financial inclusion? Low entry barriers Cryptocurrencies have easy-to-meet requirements for entry, such as a smartphone or internet access, compared to traditional banking services. This means that people who may not have access to traditional banking services due to financial or geographical constraints can still use cryptocurrencies. For example, someone in a remote area without a bank branch can use cryptocurrencies to send and receive money without traveling long distances.Decentralized nature Cryptocurrencies are not controlled by any central authority or traditional financial institution, making them independent of the banking system. For example, in countries with a history of corruption or an unreliable banking system, cryptocurrencies can be a valuable alternative for individuals to store and transfer their wealth without relying on traditional banking institutions.

In the late 2000s, the Global Financial Crisis (GFC) unleashed a tsunami of economic turmoil that reverberated around the world. Not only did it shake the deeply-rooted beliefs of centralized finance (CeFi) and institutions, but it also witnessed the demise of banks and businesses as stocks plummeted and international trade took a deadly plunge.

The existence of the Web3 economy in Africa began with cryptocurrency. Using blockchain technology in Africa came with a lot of transformation in terms of transparency and control over finances. The Web3 economy in Africa is still gaining more traction with a DeFi-based financial inclusion.

Canada's central bank has spent the last few years carrying out research into a digital dollar and what design features would be relevant to citizens with diverse payment needs and circumstances.In a new staff analytical note, the bank says that while there has been huge progress in digital payments, little has changed for offline transactions, with physical money the only commonly used method that does not require an internet connection. Researchers have been investigating two types of offline CBDC: intermittent and extended.

Canada's central bank has spent the last few years carrying out research into a digital dollar and what design features would be relevant to citizens with diverse payment needs and circumstances. In a new staff analytical note, the bank says that while there has been huge progress in digital payments, little has changed for offline transactions, with physical money the only commonly used method that does not require an internet connection. Researchers have been investigating two types of offline CBDC: intermittent and extended.

Access to and use of financial services, known as financial inclusion, is crucial for economic growth and development. Unfortunately, a large portion of the population, particularly in developing nations, still lacks access to basic banking services. The World Bank estimates that 1.4 billion adults worldwide are without access to these services, which limits economic opportunities and perpetuates poverty.

The fundamental aspects of Bitcoin (BTC) continue to power global financial inclusion, financial privacy and autonomy in conflict-affected nations despite difficult macroeconomic and cryptocurrency market conditions over the past year.

Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.

On October 17, Bitcoin price is trading slightly higher, above the immediate support level of $19,000. Ethereum, on the other hand, has gained more than 1% to $1,300 so far. 

As more countries make progress in terms of developing and implementing central bank digital currencies (CBDCs), Ghana’s central bank aims to keep up and complete its research on CBDCs with the goal of financial inclusion according to Kwame Oppong, the head of fintech and innovation at the Bank of Ghana.

A group of five lawmakers from the United States House of Representatives has requested data on the diversity and inclusion practices of 20 major firms dealing with cryptocurrencies and Web3.

Financial services firm Mastercard has partnered with crypto gateway provider Fasset to co-develop digital solutions that may drive adoption in Indonesia. The collaboration aims to expand financial inclusion in the country and extend opportunities to its local economy. 

Financial News has picked up another prize for its work, this time at the 2022 CFA UK Journalism Awards.

Financial inclusion, accessible services and the unbanked are standard talking points in many conversations about crypto. But, the details may remain somewhat fuzzy — the people who talk about crypto are generally those already inside the financial system. There are people who are actively working to increase financial inclusion and access to services for the vast number of people who are unbanked or underserved.