Banks, consumers cooperation a must for financial inclusion: RBI Governor

Reserve Bank of India (RBI) Governor Sanjay Malhotra today said that cooperation and coordination between banks and consumers was essential for achieving optimum financial inclusion. He presided over the Financial Inclusion Saturation Programme organised by Punjab National Bank (PNB) here.

Malhotra dwelt upon the significance of financial literacy and said, “Financial inclusion and literacy complement each other. The RBI is ensuring that people are financially literate to attain financial inclusion so as to ensure the safety of their money.”

Malhotra said, “Banks are strengthening their customer base and financial inclusion camps are being organised across the country to disseminate information with emphasis on completing mandatory responsibilities like re-Know your customer (KYC). At present, about 1.65 lakh commercial banks are providing various facilities to customers across the nation. In Himachal Pradesh, it is being ensured that banking facilities are available within 5 km of a settlement having a population of 500.”

He added, “About 250 crore bank accounts have been opened in the country and this is the first step towards financial inclusion.” He urged people to get re-KYC done for the safety of their funds. He requested the consumers to ensure enrollment in public security schemes to avail of the benefits of banking and insurance. “Among the about 55 crore Jan Dhan accounts in the country, 11 crore accounts have done re-KYC while the remaining work is underway.”

The RBI Governor said, “Banks endeavour to deliver the benefits of various schemes of financial inclusion like the Atal Pension Yojana, Pradhan Mantri Durghatna Bima Yojana, Suraksha Bima Yojana, Pradhan Mantri Jeevan Bima Yojana, besides other banking schemes. To achieve this objective, banks organise camps from time to time to educate people.”

He added, “As many as 2361 camps have been organised in the state so far and about 25,000 bank consumers have done re-KYC in Solan district alone.”

Malhotra said that banks had taken numerous steps in the country, including in a fully-literate state like Himachal, to protect consumers from digital frauds. He urged people to keep track of the directions issued by banks and update their OTPs, passwords and SMSes to prevent digital fraud while emphasising the need to not to disclose them.

He also cautioned the consumers to avoid tempting schemes to prevent fraud. He also handed over claim cheques to beneficiaries such as Ganga Devi, Anu Devi, Narendra Singh and Yogesh Kumar under the Pradhan Mantri Suraksha Bima Yojana of Solan district. He also lauded an exhibition put up by various self-help groups. On the occasion, Punjab National Bank Managing Director Ashok Chandra provided detailed information about major financial schemes.