window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'G-C3TX74X7XK'); How Bharat Saves | Global Fintech Fest | LEAD at Krea University

August 28, 2024

Mumbai

How Bharat Saves | Global Fintech Fest

Partners: Global Fintech Fest, PayNearby

Although 78% of India’s population has access to bank accounts, only 13% actively save through formal financial systems, leading to a 3% gap between credit and debit. This gap stems from multiple factors, including limited access to secure and frictionless savings products and a lack of trust due to fears of hidden costs. How can financial institutions and fintech address these barriers and foster savings behaviour at the last mile? This key question was the focus of a panel discussion at the Global Fintech Fest 2024, where experts unpacked challenges and potential solutions for improving household savings outcomes in underserved areas.

The panel highlighted traditional savings models, such as pigmy savings, pathpedis, and chit funds, which have proven effective in certain communities. Simplifying onboarding processes, ensuring transparency, and eliminating hidden fees were also identified as essential steps to drive wider adoption. Additionally, it was suggested that global initiatives like the “Save More Tomorrow” campaign could be adapted for the Indian context to promote a broader savings culture.

The session featured industry leaders and experts, such as:

  • Shilpa Rao, Head – Partnerships & The Gender and Finance (Swanari) Program, Reserve Bank Innovation Hub (RBIH)
  • Yashwant Lodha, Co-Founder, PayNearby
  • Samir Garud, Head – Banking and Enterprise Products, Nearby Technologies Private Limited
  • Pooja Haldea, Co-Founder and Senior Advisor, Centre for Social and Behaviour Change (CSBC)
  • Moderator: Preethi Rao, Director of Partnerships & Outreach, LEAD at Krea University