RBI deputy governor bats for financial literacy alongside banking access

New Delhi, Aug 9 (IANS) Reserve Bank of India (RBI) Deputy Governor Swaminathan Janakiraman on Saturday highlighted that true financial inclusion goes beyond expanding banking access, stressing the need to empower citizens through financial literacy.

Speaking at the Indian Bank-hosted 'Financial Inclusion Saturation' programme, Janakiraman said programmes like Re-KYC camps help people enhance their quality of life and support the nation's economic development in addition to making banking services more accessible.

Customers can update their Know Your Customer (KYC) information through the Re-KYC drive without physically visiting bank branches, which the RBI official said is especially helpful for underserved and rural communities.

Indian Bank, which hosted the camp, said the outreach focused on updating KYC for Pradhan Mantri Jan Dhan Yojana account holders, while also promoting enrolment under two flagship social security schemes -- the Pradhan Mantri Jeevan Jyoti Bima Yojana, a renewable term life insurance plan, and the Pradhan Mantri Suraksha Bima Yojana, offering personal accident cover against death or disability.

Applauding the bank’s efforts, Janakiraman said such proactive measures bring essential services closer to citizens, reducing the burden on customers and boosting participation in the formal financial system.

Indian Bank Managing Director and CEO, Binod Kumar, reaffirmed the lender’s goal of “bringing banking to the doorstep of every citizen” and enabling broader participation in India’s growth story.

More than 2,000 members of the local community participated in Tiruvallur's Financial Inclusion Saturation program, which received a positive response. A wide range of individuals, including farmers, self-help group members, students, and senior citizens, attended the event, demonstrating the initiative's broad appeal and pertinence.

Nearly 350 clients successfully finished their Re-KYC updates during the event, removing the need for them to visit bank branches and highlighting the camp's contribution to improving accessibility and convenience.

--IANS

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