Financial Inclusion 2.0: Centre Sets Reform Agenda

The Centre has begun preparations for Financial Inclusion 2.0, setting the stage for the next phase of reforms aimed at deepening access to banking and financial services across the country. A high-level meeting chaired by Department of Financial Services (DFS) Secretary M Nagaraju was held in New Delhi on Tuesday to outline the strategy and key priorities for the initiative.

The meeting brought together senior officials from several ministries, regulatory bodies and financial institutions. Representatives from the Reserve Bank of India, Department of Economic Affairs, Ministry of Electronics and Information Technology, Ministry of Health and Family Welfare, Ministry of Rural Development, Ministry of Housing and Urban Affairs, Ministry of Labour and Employment, IRDAI, PFRDA, SEBI, Indian Banks Association, Indian Cybercrime Coordination Centre and the National Payments Corporation of India participated in the discussions.

Deliberations focused on expanding universal access to banking services, strengthening banking infrastructure in rural and remote areas, and improving the availability of formal credit, particularly for women and vulnerable communities. The roadmap envisions ensuring at least one bank branch in every subdivision in the Northeastern region and bringing individuals currently outside the formal credit system into the mainstream financial network.

Participants also discussed achieving universal insurance and pension coverage by 2047, alongside the development of innovative digital and financial products. Increasing the adoption of digital transactions, especially in rural and semi-urban regions, was identified as a major priority.

The meeting further emphasised the importance of enhancing financial and digital literacy, including awareness about cyber fraud and financial scams. Special attention will be given to educating adults as well as students at the secondary and senior secondary levels.

A comprehensive report detailing the action plan for advancing Financial Inclusion 2.0 is expected to be released following further consultations.