Speaking exclusively to CNBC-TV18’s Shereen Bhan at the Banking Transformation Summit, Nageswaran said, “The next set of growth for the Indian public has to be to achieve the right kind of balance in their portfolio between financial and real assets, and also have a high sense of financial literacy.”
Nageswaran highlighted that the expansion of the financial sector depends on employment generation, income growth, and increased savings.
“Look, at the end of the day, I think these accounts are starting points, and then (we can see) whether it leads to greater financial access for resources for growth,” he added.
He also stressed the importance of growing the concept of insurance alongside banking. “These are all the next steps that we need to contemplate as the Indian public overall achieves a higher level of financial inclusion than we have seen in the previous decade,” he noted.
Nageswaran anticipates that these areas will become key focuses for policymakers, industry leaders, and regulators moving forward.
(Edited by : Shoma Bhattacharjee)
First Published: Aug 30, 2024 9:44 PM IST