Financial inclusion to make India’s Viksit Bharat goal 2047 inclusive

Financial inclusion will make India’s Viksit Bharat goal 2047 broad-based and inclusive, making growth more equitable as bringing more people into the formal financial sector ensures people from different sections of the population participate in the development journey, said Anita Shah Akella, CEO-IPEF, Authority & Joint Secretary, Ministry of Corporate Affairs.

Speaking at Assocham’s third National Conclave on Financial Inclusion, Anita Shah Akella said “Financial inclusion is crucial to make Vikist Bharat 2047 goal broad-based, inclusive and growth equitable,”

“A large section of the population especially in the rural and underprivileged community are outside the financial formal sector,” Akella added.


She pointed out that technology, innovation led by the public sector and private sector, and retail banking agents have contributed to the growth of financial inclusion.

Further, various policy measures like direct benefit transfer (DBT) are making financial services more accessible.

Policies such as JAM (Jan Dhan, Aadhar, and Mobile) trinity have driven financial inclusion and also formed the foundation for new digital financial models that have made financial services cost-effective and smooth.

“The new digital financial model which includes Immediate Payment Service (IMPS) and digital wallet has made transactions seamless and cost-effective,” said Akella.

Regional rural banks have also improved financial inclusion in rural areas, with microfinance institutions catering to lower-income populations.

Technology developments such as e- know your customer (KYC) and video KYC have made onboarding new customers into the banking system economical.

“ e-KYC and video KYC have reduced the cost of opening bank accounts,” Akella said.

As financial services become more accessible, the focus has shifted from access to quality of financial services.

“Intention has shifted from financial inclusion to financial well-being. How do we holistically measure financial health,” said Vivek Patil, Partner, FS advisory, PwC

He also said that we need to take financial planning from the affluent class to the masses, people who are at the bottom of the pyramid.