ASCI Lecture Explores India’s Next Phase Of Financial Inclusion

Hyderabad: The country’s drive to deepen financial inclusion and strengthen digital public infrastructure formed the framework for discussions at the Foundation Day conference held at the Indian Administrative Staff College during its sixty-ninth anniversary event in Hyderabad on Saturday.

The lecture, titled ‘India’s Journey to Financial Inclusion’, was delivered virtually by M Nagaraju, secretary of the Union financial services department. He talked about the country’s transition from basic account access to a more layered system that combines identity, banking and mobile technology.

Nagaraju said financial inclusion has become a structural necessity in a diverse country and access to reliable financial services helps households save safely, cope with risks and invest in education and health. He described it as central to both social progress and economic resilience. He pointed out India’s Financial Inclusion Index, which stood at 67.0 in March 2025; This index indicates measurable improvements in access, usage and service quality.

He said the schemes under the Pradhan Mantri Jan Dhan Yojana framework continue to attract large sections of the population into the formal banking system. According to him, the high share of women and rural account holders indicates a shift towards wider participation and better control over personal finances.

Talking about reforms in welfare delivery, Nagaraju said direct benefit transfers reduce leakages and increase transparency by connecting identity, bank accounts and digital platforms. He said this system allows for smoother transfers and provides significant financial savings.

He also talked about India’s leading position in real-time digital payments and said the Unified Payments Interface expands financial inclusion among small businesses, informal sector workers and communities with limited access to traditional banking.

The conference discussed support programs for informal and micro enterprises, including programs for street vendors, artisans, women-led businesses and beneficiaries of programmed communities. Insurance, pension and loan programs are vital for the long-term stability of vulnerable groups, he said.

Nagaraju highlighted priorities for the coming years, such as improving the quality of account usage, expanding responsible credit, strengthening consumer protection and improving coordination between financial regulators. He said digital literacy, institutional capacity and strong governance systems will be central to achieving inclusive growth.

Nagaraju said institutions like the Administrative Staff College of India (ASCI) have been shaping policy thinking and leadership development for many years and continue to play an important role in public sector capacity building.