Secretary, DFS Chairs High-Level Meeting to Chart Roadmap for Financial Inclusion 2.0
Intro
Shri M. Nagaraju, Secretary, Department of Financial Services (DFS), Ministry of Finance, chaired a high-level meeting in New Delhi to deliberate on the preparation of a comprehensive roadmap for Financial Inclusion 2.0. The discussions brought together senior officials from key ministries, regulators and institutions to accelerate universal access to banking, deepen digital payments, and expand insurance and pension coverage across the country.
Broad-Based Participation from Key Institutions
The meeting witnessed participation from a wide range of stakeholders, including representatives from the Reserve Bank of India (RBI), Department of Economic Affairs (DEA), Ministry of Electronics and Information Technology (MeitY), Ministry of Health and Family Welfare, Ministry of Rural Development (MoRD), Ministry of Housing and Urban Affairs (MoHUA), Ministry of Labour & Employment (MoLE), IRDAI, PFRDA, SEBI, Indian Banks Association (IBA), Indian Cybercrime Coordination Centre (I4C), NPCI, and other concerned departments.
The diverse participation underlined the whole-of-government approach being adopted to strengthen the next phase of financial inclusion.
Key Focus Areas of Financial Inclusion 2.0
Discussions centered on preparing a plan document for the next stage of financial inclusion, with emphasis on the following priorities:
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Universal access to banking services for all citizens
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Augmentation of banking infrastructure in villages and remote areas
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Improved availability of formal credit, especially for women and vulnerable sections
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Achieving insurance and pension coverage for all citizens by 2047
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Development of innovative digital and financial products
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Higher penetration of digital transactions, particularly in rural and semi-urban regions
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Greater awareness about financial and digital frauds
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Strengthening financial and digital literacy for adults as well as students at secondary and senior secondary levels
These focus areas are aligned with the broader vision of inclusive, secure and technology-driven financial growth.
Strengthening the Last-Mile Financial Architecture
Shri M. Nagaraju stressed the need to further strengthen on-ground delivery mechanisms. Key suggestions included ensuring the presence of at least one bank branch in every subdivision in the North Eastern region, expanding insurance and pension coverage across all sections of society, and formulating strategies to bring individuals currently outside the formal credit system into the mainstream.
He highlighted that Financial Inclusion 2.0 must go beyond access and focus on usage, quality of services, consumer protection, and trust, particularly in the digital ecosystem.
Focus on Digital Payments and Fraud Awareness
Participants also discussed measures to increase digital payment adoption, especially in rural and semi-urban areas, while simultaneously strengthening awareness and safeguards against financial and digital frauds. The involvement of NPCI and I4C reflects the emphasis on building a secure, resilient and inclusive digital payments infrastructure.
Next Steps: Final Report in Due Course
Following detailed deliberations and inputs from all stakeholders, the DFS will consolidate recommendations into a final report on the future roadmap for financial inclusion in the country. This document will guide policy actions and institutional coordination to take India’s financial inclusion journey into its next phase.
Conclusion: DFS Financial Inclusion 2.0
The meeting chaired by Shri M. Nagaraju marks a significant step toward shaping Financial Inclusion 2.0, with a clear focus on universal access, digital empowerment, social security through insurance and pensions, and stronger financial literacy. As India moves toward its long-term development goals, the proposed roadmap aims to ensure that every citizen is not only banked, but also financially secure, digitally empowered, and protected within the formal financial system.
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Source: PIB
