Financial inclusion is about literacy, not just access: RBI Deputy Governor
Chennai, Aug 9 (PTI) Reserve Bank of India Deputy Governor Swaminathan Janakiraman on Saturday said financial inclusion initiatives, such as conducting Re-KYC camps, go beyond providing banking access—they empower customers through financial literacy.
Speaking at the Financial Inclusion Saturation programme organised by city-headquartered Indian Bank in Tiruvallur district, Janakiraman emphasised the significance of such events, which enable the public to complete Re-KYC (Know Your Customer) without visiting bank branches in person.
In a press release issued by Indian Bank, the RBI Deputy Governor said, 'Financial inclusion is not just about providing banking access but also about enabling individuals to improve their lives through financial literacy and contribute to the country's economic growth." He added, 'This saturation campaign is significant as it helps the general public complete their Re-KYC without necessitating a branch visit." The Chennai-based Indian Bank said the camp primarily focused on Re-KYC for Pradhan Mantri Jan Dhan Yojana accounts and enrolment under financial inclusion schemes of the Department of Financial Services—Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY).
The PMJJBY is a one-year renewable term life insurance scheme, while PMSBY offers one-year personal accident insurance covering death or disability due to accidents.
Janakiraman appreciated Indian Bank for its proactive efforts in conducting the programme and ensuring financial accessibility for eligible citizens.
Indian Bank MD and CEO Binod Kumar said, 'We remain committed to bringing banking to the doorstep of every citizen and enabling full participation in the nation's progress." More than 2,000 members of the local community, including farmers, self-help groups, students, and senior citizens, participated in the event. Re-KYC was completed for nearly 350 people during the camp.
Tiruvallur District Collector M Prathap, Indian Bank Executive Directors Ashutosh Choudhury and Shiv Bajrang Singh, along with senior bank officials, were also present. PTI VIJ SSK VIJ SSK ROH
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August 09, 2025, 18:15 IST
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