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Financial Inclusion

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Meeting No: 2512 054 9623
Password: g20financial

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Financial inclusion refers to the availability and accessibility of financial services to individuals and communities, especially those who are excluded or underserved by the traditional banking system. Financial inclusion seeks to ensure that everyone has access to financial services, such as savings accounts, credit, insurance, and payment systems.

Financial inclusion is important because it enables individuals and communities to participate fully in the economy and to improve their overall well-being. For example, having a savings account allows people to save money for emergencies, education, or to start a business. Access to credit can help individuals and small businesses invest in their future and improve their economic prospects.

Financial inclusion is often a challenge in developing countries where a large percentage of the population is unbanked. The lack of formal financial services can limit economic growth and increase poverty. Therefore, many governments and organizations are working to promote financial inclusion through policies and initiatives aimed at increasing access to financial services for underserved communities.The discussion will revolve around the status and future of financial inclusion.

About the Speakers

Dr. Arvind Virmani

Arvind Virmani is member of NIti Aayog. He was Chairman of the Foundation for Economic Growth and Welfare (EGROW) and President of the Forum For Strategic Initiatives (FSI, Delhi). He has been a Mentor (economic policy) to FICCI & a member of RBI Technical Advisory Committee on Monetary policy He was earlier Executive Director, IMF and Chief Economic Advisor, Ministry of Finance and Principal Advisor, Planning Commission. During his tenure he advised on a host of economic policy reforms, through 100s of policy papers, notes and committees. He has served as Member, Telecom Regulatory Authority of India (TRAI) and as Director & Chief executive of the Indian Council for Research on International Economic Relations (ICRIER). He has published 35 journal articles and 20 book chapters and written over 50 other working papers in the areas of Macroeconomics, growth and finance, tax reform, International trade & Tariffs, International relations, and national security strategy.

Govinda Rajulu Chintala

G R Chintala was the Chairman of National Bank for Agriculture and Rural Development (NABARD), India. Mr. Chintala did his Post Graduation from the world renowned Indian Agricultural Research Institute, New Delhi. He is also the Chairman of NABARD Consultancy Services (NABCONS) Ltd., NABVENTURE Ltd. and NABFOUNDATION. He is on the Board of prestigious institutions like Institute for Rural Management (IRMA), DICGC and on the Advisory Board of IIM-Ahmedabad.

Prior to taking over as Chairman, Mr. Chintala was the Managing Director of NABARD Financial Services (NABFINS) Ltd. He was also the Director of Bankers Institute of Rural Development (BIRD), Lucknow.

During the past 35 years in NABARD, he had many salient works to his credit and is involved with the world’s largest microfinance programme viz. SHG since beginning. In the recent past he created the digital platform e-Shakti for the SHGs. He had done many consultancies and visited many countries.

Anil Sharma

Anil Kumar Sharma was the Executive Director, Reserve Bank of India. Before taking over as ED, he was headed the Enforcement Department of Reserve Bank of India as Chief General Manager. He has done his Masters in Economics from Doaba College Jalandhar, Punjab and was UGC Fellow at Gokhale Institute of Politics and Economics, Pune before joining RBI in 1986. He holds a Diploma in Treasury and Risk Management and is a Certified Associate of Indian Institute of Bankers. His experience in the Bank lies in the area of management of currency and banking, rural credit, and supervision. He also worked as member of faculty in RBI College of Agricultural Banking, Pune.

Dr. Meenakshi Rajeev

Dr Meenakshi Rajeev is currently the Reserve Bank of India Chair Professor at the Institute for Social and Economic Change. She has graduated from IIT Kanpur in Statistics and did her Ph D in Mathematical Economics from the Indian Statistical Institute, Kolkata. She has worked as a faculty /taught in University of California at San Diego, Central Michigan University, USA, Centre for Studies in Social Sciences, Kolkata, Presidency College, Kolkata. Her areas of research include game theory, banking and credit market, industrial economics, development economics. She has published more than 100 articles in reputed journals and as working papers from India and abroad. Her recent books emerging issues in economic development from Oxford University Press and Financial Access of the Urban Poor in India: A Story of Exclusion from Springer are worth mentioning. She has visited a large number of universities in USA, UK, Germany, France and Norway, including Cornel University, University of California at San Diego, Kassel University, University of Essex etc.

Siddhartha Sanyal

Siddhartha Sanyal is currently the Chief Economist & Head Research at Bandhan Bank Ltd. Previously, they worked at Barclays from October 2010 to July 2019, where they were the Director & Chief India Economist.

Sanyal's research focuses on analyzing and forecasting key macro variables such as growth, inflation, fiscal situation, interest rates, liquidity, foreign trade, balance of payments, and exchange rate. Siddhartha also tracks international economic and financial market trends, and produces detailed thematic research reports on economic trends and public policy. Noted for several contrarian views, eg., on monetary policy, interest rates and INR), Sanyal has had a strong impact on the field of economics.

Sanyal has also advised clients (mutual funds, hedge funds, insurance, pension funds, sovereign wealth funds, corporate treasury, corporate strategy) in India, Asia-Pacific, Europe and US. Siddhartha has been ranked as one of the top India economists in multiple occasions (eg., FinanceAsia Fixed Income Research polls), and is a regular presenter at investor conferences and industry meets (national/ international).

In addition to their work in the private sector, Sanyal is also regularly involved in public discourse on economic issues. Siddhartha has presented their research views on national and international TV channels/ Newswires (CNBC, ET Now, Bloomberg, Reuters, BBC, Channel NewsAsia), and has written opinion columns for leading financial dailies (Economic Times).

Siddhartha Sanyal has a Master of Arts in Economics from Jawaharlal Nehru University. Siddhartha is also a Chartered Financial Analyst (CFA) and has a Post Graduate Diploma in Business Administration (PGDBA) from the Institute of Chartered Financial Analysts of India. Siddhartha is also a Certified Associate of Indian Institute of Bankers (CAIIB) from the Indian Institute of Banking and Finance.

Siddhartha Sanyal works with Indranil Banerjee - Company Secretary, Santanu Banerjee - Head, Human Resources, and Sudheer Reddy Govula - Chief Compliance Officer. Siddhartha Sanyal reports to Chandra Shekhar Ghosh, Managing Director & CEO.