2nd National Summit Financial Inclusion

The core of financial inclusion is to ensure that formal financial services are available to the public. These include functioning bank accounts for savings and transactional purposes, low-cost credit for personal and productive purposes, financial advisory services, and insurance facilities. These purposes can be taken care of when one remembers the four areas of financial inclusion, namely, access to better modes of payments, Access to Credit, Insurance and Investment.

The World Bank has advocated for a technology-led public infrastructure, inspired by models developed by nations such as India, Singapore, and Brazil. This infrastructure is envisioned to assist governments in achieving financial inclusion and bolstering programmes in health, education, and sustainability. G20 policy recommendations for advancing financial inclusion and productivity gains through digital public infrastructure\'.

Penetration of low-cost smartphones and affordable data tariff have played a critical role in spreading financial inclusion. They have been the key enablers that have helped develop digital models which have helped reduce both cost of acquisition and servicing. This has enabled both government and financial service providers to increase reach beyond cities and cover all parts of India. Even the tech-enable financial companies have played a significant role in proliferation of financial inclusion by developing innovative business models and applications such as wallets, QR based payment, Pay later solution etc. Also, these new age enterprises have designed products across the financial spectrum such as low-cost insurance product specifically for gig economy, collateral free credit etc. for lower income group.

Key Areas of Discussion 

• Inaugural Session: Accelerating Tech Driven Financing to the Unbanked
• Panel Discussion 1: Role of FIs & Non-FIs in Accelerating the Financial Inclusion
• Panel Discussion 2: Empowering New India through Financial Literacy

We look forward to your kind confirmation on the ASSOCHAM invitation.