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 striking the right kind of balance in their portfolio between financial and real assets, and also having a high sense of financial literacy.”
Nageswaran stressed that the expansion of the financial sector depends on job creation, income growth and increased savings.
“Look, at the end of the day, I think these bills are starting points, and then (we’ll be able to see) if they lead to greater financial access to resources for growth,” he added.
He also stressed the importance of growing the concept of insurance along with banking. “These are the next steps that we need to look at as the Indian public at large achieves a higher level of financial inclusion than we have seen in the past decade,” he said.
Nageswaran anticipates that these areas will become key focuses for policymakers, industry leaders and regulators in the future.
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