RBI Deputy Governor Khan proposes novel PPP model to drive financial inclusion agenda

India should adopt a “PPP” model for driving its financial inclusion agenda, RBI Deputy Governor HR Khan has said.

Financial inclusion efforts should be tested against the “Plan, Pursue and Pause” framework to ensure better outcomes, Khan said at the “Inclusive Finance India Summit 2014” in the capital on Monday.

There is a need to “plan” well, pursue what has been planned and ensure there is a “pause” to see if it is working well. Adoption of such a “PPP” approach could mean better results, Khan said.

Not public-private model This PPP model is different from the commonly-known ‘public-private partnership’ that the Government is looking to encourage in various economic activities.

Later, Tarun Chugh, Managing Director and Chief Executive Officer, PNB MetLife India Insurance, told BusinessLine that India's financial inclusion efforts are still at a “pilot” stage and more needs to be done to improve access to basic banking facilities, expanding mobile banking and increasing financial capability.

Financial inclusion is just not about opening bank accounts but providing access to the breadth of financial products needed by all people, he said.

>srivats.kr@thehindu.co.in