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RBI Unveils 5-Year National Strategy For Financial Inclusion


RBI Unveils 5-Year National Strategy For Financial Inclusion
 

The Reserve Bank of India has released a report “National Strategy for Financial Inclusion (NSFI): 2019-2024“.

The National Strategy for Financial Inclusion for the period 2019-2024 has been formulated by RBI under the aegis of Financial Inclusion Advisory Committee (FIAC).

The report has been ratified by the Financial Stability Development Council (FSDC).

The strategy will include all, particularly the poor and underprivileged class, under formal access to finance - a key goal of the government.

As per the official statement, “the National Strategy for Financial Inclusion 2019-2024 sets forth the vision and key objectives of the financial inclusion policies in India to help expand and sustain the financial inclusion process at the national level through a broad convergence of action involving all the stakeholders in the financial sector. The strategy aims to provide access to formal financial services in an affordable manner, broadening & deepening financial inclusion and promoting financial literacy & consumer protection.”

The report stated the following 6 pillars as part of strategic objectives to achieve the aim of financial inclusion:

Universal Access to Financial Services
Providing basic bouquet of financial services
Access to livelihood and Skill Development
Financial Literacy and Education
Customer Protection and Grievance Redressal
Effective Co-ordination