JAM trinity transformed the concept of financial inclusion: CS Setty from SBI

“As for the existing adult population, a large population is covered and India is ready for the next phase of financial inclusion,” said Shetty.

Speaking on financial inclusion in India, Setty said the bank’s new clients will continue to add, but broad coverage of the population has occurred so far.

“Now we are heading into a new phase of financial inclusion. But, basic access to banking is largely covered (in India).”

“There are three elements in financial inclusion, namely access, use and quality of use. In terms of access, banks have created large-scale infrastructure even in rural areas and therefore the access part is more or less addressed, ”said Setty.

“In terms of usage, a lot of the rupee cards that customers get are not being used, but in terms of transactional accounts, there is great adoption. “

“Of the 13.18 crore PMJDY accounts in SBI today, a tiny percentage of them are zero balance accounts and many of those accounts have more than ??10,000, which means a number of transactions are in progress. However, in terms of digital adoption, there are still some gaps, “added the SBI Managing Director.

Meanwhile, Bhargavi Zaveri of the National University of Singapore said that digital inclusion is not an end but a means to an end which, hopefully, financial inclusion will give people better lives. .

“The next big challenge is how to get the consumer to use the bank account more efficiently. About 53% of people knew about credit and 12% used it. About 30% knew what a PPF account was and 9% of them had a PPF account. So the first hurdle to opening more bank accounts is cleared, the question now is how to get people to use these products more effectively. “