RBI Governor Sanjay Malhotra expressed confidence in India’s growth, predicting it will soon become the world’s third-largest economy. He credited the Pradhan Mantri Jan Dhan Yojana for driving financial inclusion and strengthening the country’s economic foundation.
Representational Image. File Pic
While global tensions between countries are making economic situations critical, the Reserve Bank of India (RBI) Governor, Sanjay Malhotra, on Saturday expressed a positive belief in the Indian economy. The RBI Governor said India will become the world's third-largest economy soon and credited the Pradhan Mantri Jan Dhan Yojana for boosting the country's growth.
The RBI Governor’s remarks came at a time when India's GDP grew by 7.8 per cent in the April–June quarter of the current fiscal year, the highest in five quarters, before the imposition of heavy tariffs on the country by the United States.
Addressing 'Santripti Shivir', a financial inclusion campaign by government banks at Rangwasa village, RBI Governor Malhotra asserted: “The Union government and the RBI launched the Jan Dhan Yojana in collaboration with banks 11 years ago, leading to development across the nation,” as cited by news agency PTI.
He further added, "Today, India is counted among the five most developed countries in the world, and very soon the country will become the third-largest economy," as cited by PTI.
The RBI Governor also highlighted that 55 crore accounts have been opened under the scheme to ensure participation from people across all sections of society in the country's growth journey. He further asserted that the scheme aims to provide them with savings, pensions, insurance, credit, and other services.
He also highlighted the need for Pradhan Mantri Jan Dhan Yojana account holders to update their details under the 'Know Your Customer (KYC)' process within the stipulated time to prevent possible misuse of accounts and to ascertain whether they have turned into 'mule accounts'.
The RBI Governor emphasised that people should improve their digital literacy and financial awareness in order to protect themselves from banking fraud.
While assuring that digital transactions in the country are already increasing, he urged the public to make greater use of digital banking and UPI.
Expressing satisfaction over the significant participation of women in the financial inclusion campaign, RBI Governor Malhotra further said that they are playing a major role in the country's development.
Malhotra also pointed out that banking services at present in the country are being provided through bank branches or 'business correspondents' (bank representatives who deliver banking services in remote areas) within a radius of 5 kilometres of almost all villages in the country.
(With PTI inputs)
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