“We are a country of 1.3 billion people and we have about 1.2 billion mobile phone subscriptions. We also have about 800 million internet connections and that has helped us a lot in expanding financial inclusion,” said Khara.
“During the pandemic period, we have also done another excellent job, which is distributing food grains instead of just distributing cash. That has helped us contain inflation,” the SBI chairman said.
Khara said his and other banks have created a robust digital banking system that helps people access their banking needs in real time.
“Beyond cell phones, we have a system of bank correspondents for the last mile and to reach those without cell phones. Also, we have a huge network of branches, ATMs and micro-ATMs,” he added.
“However, we don’t stop there and continuously monitor the Financial Inclusion Index at the level of the highest regulator. Financial literacy and digital literacy are other areas we have a strong focus on to help people and protect them from fraud etc.,” said Khara.
He went on to say that analytics conducted on these accounts, which started with a zero balance but have grown beyond that, also help them offer business loans to any small businesses they run or plan to start.
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