RBI Deputy Governor Urges Bankers to Deepen Financial Inclusion through District-Level Focus

RBI Deputy Governor Urges Bankers to Deepen Financial Inclusion through District-Level Focus

Reserve Bank of India (RBI) Deputy Governor Swaminathan J emphasized the need for bankers to strengthen financial inclusion efforts by improving the usage and quality of banking services. Speaking at a recent conference in Hubballi, he highlighted the importance of thoroughly understanding district-level dynamics to enhance access and deepen financial services.

Swaminathan urged bankers to adopt the principle of "know your district well," encouraging them to gather detailed insights into local demographics, agricultural trends, banking activities, and industrial profiles. This in-depth knowledge would enable them to identify gaps in financial inclusion, address credit needs more effectively, and design tailored credit plans that foster sustainable economic growth.

He further suggested using data analytics and field surveys to understand local economic activities, credit requirements, and obstacles to financial access. Bankers can provide crucial feedback for creating targeted credit plans by staying informed about district-level developments, ensuring economic growth across regions.

Swaminathan also highlighted progress in digital banking, noting that 354 districts have been digitally enabled, with ten states, including Karnataka, and six Union Territories achieving full digital coverage.