Financial markets in India have acquired greater depth and liquidity over the years. Steady reforms since 1991 have led to greater integration of India’s economy with the world economy. Consequently the global economic crisis has impacted India’s growth as well with economic growth moderating to 5.0% during 2012-13. Banks & financial institutions, acting as intermediaries and channelizing the savings into productive assets, have a very important role to play in reversing this slowdown. They need to widen their coverage in terms of the proportion of population they reach out to and also need to deepen their coverage in terms of increasing penetration levels of various products and services thereby promoting ‘financial inclusion’ to drive the growth of the economy. The study details the same.
The CII-Deloitte report was released at the 3rd Finance and Investment Summit organized by CII on 13 November, 2013 at New Delhi.
Key highlights of the study cover: Understanding Northern Region: Diversities and opportunities; New private sector banks and their potential role in promoting Financial Inclusion; Role of technology (mobile payments, direct cash transfers) in promoting Financial Inclusion; Tapping rural market – Role of insurance & pension fund industry; Financing the infrastructure development – Extending infrastructure to the last mile.