Financial inclusion, a paradigm shift: Sam Pitroda

Posted By: Devaki
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New Delhi, Jul 20: Sam Pitroda, Prime Minister's Adviser on Public Information, Infrastructure and innovation, said that the imperative of financial inclusion should always support every initiative directed at the rural poor. He said that financial inclusion is about a paradigm shift.

Pitroda added that we need to focus on the ground reality and if we continue producing billionaires, it is not going to take us too far. He was addressing at the Financial Inclusion Summit organized by Confederation of Indian Industry (CII) in New Delhi on Tuesday, Jul 20.

Pitroda informed that he is trying to set up new platforms for the new generation, with saturated vision, resources and connectivity which will provide far reaching consequences for India. Mobile banking is the next big challenge for the government as it will alter the nature of banking in India.

"Nature of Federal Reserve would change as a person sitting in India would be able to buy a product in Brazil and pay in Euro or dollars. It would take the banking facility directly into the hands of people," Pitroda said. He reminded that a bank would remain a bank and mobile operators should not think that they will be able to take over the functionality of banks though they have to be integrated with multiple securities.

Near Field Communication (NFC) should be enabled for the poor people. Government is planning to connect 250,000 panchayats through broadband and wants to bring fiber cable to majority of them. Financial inclusion cannot be achieved without inclusive growth. Merchants, banks and operators can come together to develop a platform for mobile banking. He also suggested to facilitate drastic cut in the transactional cost.

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