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Focus on digital financial inclusion to continue till 2026
Financial Inclusion Action Plan
Sonali Sen Gupta, Reserve Bank of India (RBI) Chief General Manager, said the Financial Inclusion Action Plan (FIAP) of 2024-26 of the GPFI of G20 will continue to focus on the existing priorities of digital financial inclusion and SME finance.
Hyderabad: Sonali Sen Gupta, Reserve Bank of India (RBI) Chief General Manager, said the Financial Inclusion Action Plan (FIAP) of 2024-26 of the GPFI of G20 will continue to focus on the existing priorities of digital financial inclusion and SME finance.
Making a presentation on 'GPFI Financial Inclusion Action Plan (FIAP)- Accelerating Financial Inclusion in G20 and Beyond', she said the Global Findex 2021 and IFC MSME Finance Gap report has identified 24 per cent of adults (1.4 billion) globally are still unbanked and seven developing economies account for 54 per cent of the total unbanked adults.
Further, about 50 per cent of adults in developing economies borrowed money with less than half of them using formal means to avail finance. About 131 million or 41 per cent of MSMEs have unmet financing needs in developing countries, she added.
Sonali Gupta said a total of USD 5 trillion finance gap exists in developing counties. Of the total MSMEs, 23 per cent of MSMEs are women-owned businesses, and account for 32 per cent of the MSME finance gap in developing countries. Hence, 'Financing Gap for Global MSMEs will remain a focussed area, she added. Rajesh Bansal, Reserve Bank of India Innovation Hub Chief Executive Officer, said the policy and technology designing of digital payments in India has focussed on ensuring the privacy of the consumer, as well as ease of using technology with a reduced risk factor. Bansal said that efforts are also on to use video KYC and voice-based identification for the authentication of digital payments to reduce the risk factors in the digital payment system.
Earlier during his opening remarks, Deputy Ajay Seth, Secretary, Department of Economic Affairs, Ministry of Finance, Government of India and India's G20 Finance, said Digital Public Infrastructure (DPI), created by India is inherently scalable, interoperable, innovation-friendly, and inclusive and has completely transformed government to people, people to people and people to business interactions. Since the transfers are all direct, end to end, and swift, there is little scope for corruption and leakages and removal of duplicate/ fake beneficiaries. DBT has entailed a saving of more than USD 27 billion just across key central government schemes, he said. Jayesh Ranjan, Principal Secretary department of Industries & Commerce and Information Technology (IT), Government of Telangana, presented state government's initiative of 'T-wallet' and how it benefitted during the Covid-19 pandemic.
