Financial inclusion and insurance penetration key for banking sector in NDA 3.0, say experts

The banking industry anticipates the Narendra Modi-led NDA's third tenure to emphasize financial inclusion and insurance penetration. A stable government can ensure focused policymaking, with universal bank accounts and IRDAI's "Insurance for All by 2047" as key initiatives. \r

An ex-RBI executive stressed extending banking services to remote areas, while former SBI banker Naresh Malhotra highlighted the need for credit expansion balanced against inflation risks. The government’s Pradhan Mantri Jan Dhan Yojana (PMJDY) has significantly increased bank account access, with 33 million new accounts in FY24. \r

RBI Deputy Governor Swaminathan emphasized bridging the digital divide. IRDAI's Mission 2047 includes launching Bima Trinity to boost insurance access, driven by technology and regulatory reforms, according to chairperson Debasish Panda.