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Financial inclusion must focus on literacy, not just access: RBI deputy governor

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Financial inclusion must focus on literacy, not just access: RBI deputy governor

Financial inclusion is about more than just providing access to banking — it’s about equipping people with the knowledge to improve their lives, Reserve Bank of India Deputy Governor Swaminathan Janakiraman said on Saturday.Speaking at the Financial Inclusion Saturation programme organised by Indian Bank in Tiruvallur district, Janakiraman said initiatives like Re-KYC camps help citizens complete mandatory procedures without visiting branches, while also strengthening financial literacy, PTI reported.“Financial inclusion is not just about providing banking access but also about enabling individuals to improve their lives through financial literacy and contribute to the country’s economic growth,” he said in a statement issued by Indian Bank. “This saturation campaign is significant as it helps the general public complete their Re-KYC without necessitating a branch visit.”The camp primarily catered to Pradhan Mantri Jan Dhan Yojana account holders and facilitated enrolment in key financial inclusion schemes — Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). PMJJBY offers a one-year renewable term life cover, while PMSBY provides one-year accident insurance against death or disability.Janakiraman lauded Indian Bank’s proactive approach in conducting the programme. Indian Bank MD and CEO Binod Kumar said the bank was “committed to bringing banking to the doorstep of every citizen and enabling full participation in the nation’s progress.”More than 2,000 community members — including farmers, self-help group members, students, and senior citizens — took part, with Re-KYC completed for nearly 350 people during the event.





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