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    Others can learn Financial inclusion from India: SBI Chief Khara

    Synopsis

    India's financial inclusion model, particularly the success of the Jan-Dhan Yojana initiative, can serve as a lesson for other countries, according to State Bank of India Chairman Dinesh Kumar Khara. Khara highlighted the efficiency, affordability, and added services of the payment system, which has allowed people to access direct benefit transfers, insurance benefits, and contribute to social security.

    Dinesh Kumar Khara, Chairman of the State Bank of India addresses the gathering on the first day of the three-day B20 Summit in New Delhi on August 25, 2023.  (Photo by Sajjad HUSSAIN / AFP)AFP
    Dinesh Kumar Khara, Chairman of the State Bank of India
    India has leapfrogged over the last decade and other countries can learn from its financial inclusion model and move much faster, State Bank of India (SBI) chairman Dinesh Kumar Khara said on Thursday. "If you look at it in our country, I think it's a lesson for all of the globe on how the payment system could be so efficient, cheap and economical," Khara told ET on the sidelines of the B20 Summit.

    He said if Jan-Dhan had been a pure vanilla account, people would not have shown so much interest and that it is the addition of services that has given it nuance. "Now it has gone beyond. People are getting direct benefit transfers; they are also availing insurance benefits and contributing towards social security," he said, lauding the PM Jan-Dhan Yojana, a national mission for financial inclusion.

    Khara, also head of B20 India Task Force on Financial Inclusion for Economic Empowerment, said "₹10 trillion (lakh crore) worth of savings have been channelised in this economy (India), which gives confidencethat this is worth pursuing".


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