The 14th Inclusive Finance India Summit was inaugurated at 9.00 AM at The Ashok Hotel. The Summit seeks to build consensus on strategies and helps in building a unified vision for achieving universal financial Inclusion in India. The summit witnessed the release and presentation of the Inclusive Finance India Report, which provided an insightful analysis and an honest critique of the financial inclusion progress during the course of the year.
A book- ‘Talking financial inclusion in liberalized India: Conversations with Governors of the RBI’, edited by Prof. MS Sriram was also released during the inaugural session. Another important launch during this session was of “Buddhi Money”, an animated iconic character developed by Access. She is a youthful, neighbourhood superwoman who is chisel sharp, energetic, and wise on matters of finance and business. She has a ubiquitous presence and helps in solving problems that the community constantly grapples with on matters relating to their enterprises.
Speaking at the inaugural, Mr. Vipin Sharma, CEO Access Development Services said, “We are delighted to welcome the delegates to the Summit and also thank all the stakeholders for their support and contribution. The summit offers a platform for a plethora of information to all the thought leaders and industry veterans to debate and discuss the issues and challenges involving the Financial Inclusion in the country.”
Dr. C. Rangarajan, Former Governor, RBI, in his inaugural address highlighted the importance and need for financial inclusion in the country. During the event, he commented that, “financial inclusion is not an option but a compulsion”.
The day unfolded with a session on the changing contours of the financial sector architecture. The session started with the discussion on the tectonic shift in the financial inclusion landscape with the emphasis of the government on Direct Benefit Transfer (DBT) and UPI. Taking the discussion further, Mr. Amitabh Kant, CEO, Niti Aayog suggested that DBT & UPI will create a vast trail of data and will allow data analysis leading to an extension of credit to the unbanked sector. Credit is only one element of creating a viable scheme for India’s vulnerable. Therefore, a multi-dimensional approach is required to pull them out of the vicious circle of poverty.
Mr. HR Khan, Former Governor, RBI emphasized on the huge gap in the inclusion of the agriculture sector. Adding to the same, he said “Credit dimension for Agriculture and MSMEs is crucial and technology must focus on addressing this concern.
The 2 day summit divided into 17 sessions will see the participation of 90 thought leaders from across the world who would discuss, deliberate and debate on the evolution of financial inclusion in the country highlighting the various trends and challenges.