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RBI unveiled a 2019-24 National Strategy for Financial Inclusion

The Reserve Bank of India (RBI) unveiled a National Strategy for Financial Inclusion 2019-24. The RBI’s Strategy is aimed at providing access to formal financial services in an affordable manner. It aims to promote financial literacy among customers.  Formed by: The Financial Inclusion Advisory Committee of the RBI in consultation with the Government of India, Securities Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI), and Pension Fund Regulatory and Development Authority of India (PFRDA) provided the National Strategy for Financial Inclusion 2019-24. National Strategy for Financial Inclusion 2019-24: National Strategy for Financial Inclusion method recommends many ways in which the objective can be fulfilled.  It suggested methods to provide access to financial service provides in every village within a range of 5 km. Every adult registered under Pradhan Mantri Jan Dhan Yojana (PMJDY) should be enrolled in insurance, pension schemes.  The public credit registry should be made fully operational by March 2022. The strategy directed to strengthen the digital financial services to facilitate less-cash society. Every new entrant should be given information on government livelihood programme.

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