Half of Salaried People don’t use Banking Services

Even as the government is making efforts towards financial inclusion, Union Minister of State for Finance Pawan Bansal on Saturday said nearly 160 million working people do not use any financial service, including banking.

“We have 320 million salaried workers in the country at present and half of them do not make use of any sort of commercial services, including banking service, which is quite strange,” Bansal said here while addressing a seminar on ‘Investors Awareness’.

Bansal said that transactions involving Rs 66,000 crore take place every year in the country through informal sources. “It means people still do not know the importance of banks and other financial services,” he said.

Pointing out that the country has just have 8-9 million people who invest in mutual funds and equity markets, Bansal said there was an urgent need to make people aware of the investment opportunities available in the country.

“There are a lot of investment opportunities in the market but the only requirement is to make people aware so that they could also invest in them and make profit,” he said.

As quoted on TheEconomictimes.

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