National Conference on Cashless Economy and Financial Inclusion in India: Issues and Challenges
The second day of the National Conference began with a panel discussion on ‘Impact of Cashless Economy on Financial Inclusion’ chaired by Dr. Rajeev Ranjan, Officer-in-Charge, DEPR, RBI. The chairperson introduced the debate issue “less cash vs cash less” wherein he expressed his concern highlighting that it is practically impossible to take cash out of the economy fully. He also highlighted various schemes and services announced by the Government and RBI with respect to financial inclusion prior and later to demonetisation.
Taking the panel discussion ahead Prof. A.R. Tripathi, former Head and Dean, Faculty of Commerce, BHU, drew the attention of the gathering towards the functioning and shifting focus of banking sector pre and post liberalisation. Post liberalisation the focus of the banking sector has shifted towards market mechanism from mass banking. He also enlightened the gathering that how multiplier effect can be achieved through banking transaction.
Prof. S.A. Ansari, Department of Commerce and Business Administration, AU, during his address raised the burning issues of security of Aadhaar data. He disagreed with the opinion that cashless economy can promote growth despite of the advantage of increased efficiency in tax collection.
Shri Rajeev Jaitely, DDM, NABARD, Allahabad, comprehensively defined the term financial inclusion by not only confining it to opening of bank account but also including other financial products like loans insurance remittances. He discussed about how the trinity of Jan-Dhan, Aadhaar, Mobile (JAM) and direct benefit transfer (DBT) can effectively minimise the leakages in social security of programs and subsidies. He highlighted that in order to make the quest of cashless economy into a success, we require to improve the technical know-how and financial literacy amongst the population.
Prof. S.K. Shukla, Head, Department of Economics, Jiwaji University, Gwalior clarified the concept of cash and money. He advised the RBI to revise the monetary and liquidity aggregate by including e-wallet balance. Advocating financial inclusion he recommended that the focus should shift from just opening of bank account to insurance and equity services.
Post completion of panel discussion, the chairperson Dr. Rajeev Ranjan concluded the discussion by summing up that cashless economy is an ambitious dream and far from the common people.
Two technical sessions were conducted on “Cashless Economy and Financial Literacy” and “Cashless Economy and Marginalised Section”.
The valedictory function commenced with welcome address by Prof P. K. Ghosh, Department of Economics, AU, Dr. Pradeep Kumar Singh, conference coordinator presented the conference summary. Honourable Chief Guest Prof. Sanjay Deshmukh, former vice chancellor, Mumbai University, delivered the valedictory address. Prof. M. Muzammil, Former Vice Chancellor of Agra University and Rohilkhand University and Shri R.K. Uniyal, former AGM, SBI, graced the occasion by their presence as Guests of Honour. The presidential address was delivered by Prof. G.C. Tripathi, Head Department of Economics and Former Vice Chancellor, BHU. The function was finally concluded by Dr Deepshikha Sonker, Conference Coordinator and conveyed vote of thanks. Dr. Karimullah, organising secretary was also present in the function. After the valedictory session, the department also organised the 5th alumni meet.
Prof. U.S. Rai, Prof. Jagdish Narayan, Prof. M.M. Krishna, Prof. P.K. Ghosh, Prof. Nisha Shrivastva, Shri Javed Akhtar, Dr. Kiran Singh, Dr. Anup Kumar, Dr. Swathi Jain, Dr. Rekha Gupta, Dr. Dharamnath Uraon were also present. Research scholars of the Department of Economics also actively participated in the conference.