Govt committed to foster financial inclusion through digitisation: Prasad

New Delhi, Nov 3 (IEBusiness) The Indian Government on Saturday said it is committed to fostering financial inclusion through digitisation and Mudra, Jhan Dhan and Aadhar have been proved transformational in making the dream of “Digital India” realised.

“The Government is committed to foster inclusion through digitisation as a medium. Instruments such as mudra, Jhan Dhan, JAM trinity and Aadhar have been transformational in paving the way for financial inclusion. Around 55 per cent of banks accounts worldwide have been opened in India through the Pradhan Mantri Jan Dhan Yojana,” Union Electronics and IT Minister Ravi Shankar Prasad said while addressing the Financial Inclusion Summit 2018 here.

Prasad said from now onwards people in rural areas can get LPG cooking gas cylinders through common service centres(CSC). This is an apt example of digital inclusion, using technology for the benefit of the common man.

He said the number of CSCs has increased almost four folds in past four and half years, and it is offering a bouquet of services, providing direct benefit to the common man, largely in non-metro areas.

On the occasion, a memorandum of understanding was signed between three oil marketing companies and common service centre (CSC) for extending services like booking of LPG cooking gas cylinder, registration of new connections and delivery of LPG cylinder at CSC centres.

The Minister said his government has created an ecosystem and an enabling environment by relaxing laws, easing procedures and removing barriers to foster growth which in turn would facilitate financial inclusion and social empowerment.

Fintech, he said, has been a powerful tool to empower the digital profile of India. It has led to innovative methods of delivering services to the grassroots especially when it comes to delivering hospital services at the village level, scholarship payments, creation of e-mandis, among others.

Citing the widespread use of the BHIM app by people, the Minister said the government has realised that India has the propensity to use technology and this is being leveraged to facilitate financial inclusion and empowerment.

“There is enthusiasm among youth towards setting up start-ups which is a testimony to the rapidity of technological changes taking place in India. Today there are eight start-ups in the country which have become unicorns. The government is pushing the case of digital economy-telecom, IT, e-commerce, AI, new technology, fintech to the tune of 1 trillion dollars,” he added.

On data privacy laws, Prasad welcoming the Supreme Court judgement which stated that privacy cannot kill innovation, said the stakeholder is the trustee of data on behalf of the owner of data. And every Indian must own data.

However, there should be a healthy balance between openness, availability, utilization and privacy of data. Further, AI should be used but with a human touch, he maintained.

Speaking on the occasion NITI Aayog CEO Amitabh Kant said the government, in the past 3-4 years, has pushed the limits of digitisation to bring efficiency in the system and foster financial inclusion.

According to Kant, digitisation has reached a stage where it would power financial inclusion for decades to come. Further, the creation of India Stack is the biggest financial and technological innovation which would help all stakeholders viz banks, fintech, insurance, digilock and UPI, among others.

Acknowledging that technology is the key driver of growth, he underscored the importance of paperless financial inclusion on the back of the mobile and advocated linkage with Aadhar and use of artificial intelligence to push India to advance ahead of the rest of the world.

Via UNI-India
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