New Delhi: The Governor of the Bank of India (RBI) Shaktikanta Das on Thursday said that there was no reason for the central bank to revise the projection of gross domestic product (GDP).
RBI projects the Indian economy to grow by 10.5 percent for the financial year of 2021-22.
Overcoming the premiere edition of the financial inclusion summit through video conferencing, the DAS stated that the Indian financial system would have an important role in fulfilling our aspirations and economic needs on improvement.
To reduce the financial impact of Covid-19, the reserve bank takes several steps such as lowering interest rates, liquidity windows in tap and more, it notes.
Praising the Indian digital ecosystem, the Governor of RBI noted that services such as the Imps and UPI saw a valued crore 4.5 lakh transaction per day in June itself.
Technological progress made it easier and the government also provided a greater boost with the launch of the scheme of PM Jan Dhan Yojana.
DAS emphasizes that financial inclusion will continue to be a “policy priority” for the center to make post-pandemic recovery more just and sustainable.
“Financial inclusion is the main driver of sustainable and balanced economic growth that helps reduce income and poverty inequality, he added.
The reserve bank will soon come out with the first financial inclusion index, which will assess progress in terms of access, its use and quality.” Is all responsibility Stakeholders to ensure that financial ecosystems (including digital media) are inclusive and able to deal with risks effectively such as incorrect sales, cybersecurity, data privacy and promote financial confidence in accordance with education and consciousness, “added the Head of the RBI.
To measure the breadth of financial inclusion in the country this, it has been decided to build and publish the financial inclusion index regularly (FII), he said, adding to the announcement to occur some time ago the index like that.
The index will have parameters in three dimensions, including access, use and quality, he said, adding “works in Fii Ad.
Alah UnderW AY and the index will soon be published by the reserve bank “.
(With input from PTI)