Need to improve awareness of pension, insurance products, says RBI Sankar
This story was originally published at 21:03 IST on 13 January 2026
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NEW DELHI – There is a need to improve awareness of pension and insurance products in the country, Reserve Bank of India Deputy Governor T. Rabi Sankar said Tuesday. "Some of the things that still need to happen is that the level of awareness of pension products or insurance products is not as high. So we need to focus on that," he said at The Global Inclusive Finance Summit.
"We also need to focus on ensuring that financial services are here geared towards skill upgradation, towards generation of employment," he said. "We will have to (tackle) issues of frauds. We are the first country that started additional layer of authentication. We need to work towards reducing frauds before they happen, ensuring recovery after they happen."
He also said there is scope and opportunity to expand digital payments in the country and the Unified Payments Interface has the potential to more than double to 1 billion users from the current base of 400 million.
Department of Financial Services Secretary M. Nagaraju said India is trying to expand the global reach of the Unified Payments Interface to a larger number of countries. The payment system is currently used in eight countries--Bhutan, Singapore, Qatar, Mauritius, Nepal, the United Arab Emirates, Sri Lanka, and France. "We are trying to expand to a large number of countries, especially we are focusing in East Asia now," he said. End
Reported by Sagar Sen
Edited by Rajeev Pai
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