Banking secy bats for better insurance, pension cover in fincl inclusion 2.0
This story was originally published at 20:36 IST on 11 February 2026
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NEW DELHI – In a meeting to prepare the roadmap for 'Financial Inclusion 2.0', the Department of Financial Services Secretary M. Nagaraju called for universal banking access, digital payment adoption, and wider insurance and pension coverage as part of it, the finance ministry said in a release Wednesday.
"Nagaraju emphasised the need for further strengthening measures, such as presence of at least one bank branch in each subdivision in the North Eastern region, enhancing insurance and pension coverage for all citizens and formulating strategies to bring individuals currently outside the formal credit system into the mainstream credit framework," the ministry said.
The meeting, chaired by Nagaraju, was attended by senior officials from various ministries, departments and institutions, including Reserve Bank of India, Department of Economic Affairs, Department of Secondary Education and Training, Ministry of Electronics and Information Technology, Ministry of Health and Family Welfare, Ministry of Rural Development, Ministry of Housing and Urban Affairs, Ministry of Labour and Employment, Insurance Regulatory and Development Authority of India, Pension Fund Regulatory and Development Authority, Securities and Exchange Board of India, Indian Banks Association, Indian Cybercrime Coordination Centre, National Payments Corporation of India, among others.
The discussions focused on preparation of plan document for enhancing financial inclusion and covered key areas like access of banking services for all, augmentation of banking infrastructure in villages, availability of formal credit specially for women and vulnerable sections, achieving goal of insurance and pension for all by 2047, development of innovative digital and financial products, increasing penetration of digital transactions specially in rural or semi-urban areas, increasing awareness on financial frauds including digital frauds and imparting financial and digital literacy to adults as well as to students in secondary and senior secondary levels.
"Based on the discussions and further deliberation, final report for furtherance of financial inclusion in the country will be issued in due course," the finance ministry said. End
Reported by Priyasmita Dutta
Edited by Akul Nishant Akhoury
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