Google to develop financial platform 'Bharat Saves'
What's the story
Google is in discussions with the Central Government to develop a platform called 'Bharat Saves' according to a senior official at the finance ministry. 'Bharat Saves' will essentially help Indians with financial planning, finance tips and saving schemes. The government has accepted Google's proposal and a decision is awaited.
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Google's 'Bharat Saves' - What is it?
Google proposes to create a financial platform 'Bharat Saves' that will allow millions of Indians to access financial services like Bankings & Savings, Deposit Accounts, Pension, Remittance, Insurance, Credit and more in an affordable manner. The platform will also include financial literacy tools for users.
What is it?
Jan Dhan Yojana
The Pradhan Mantri Jan Dhan Yojana (Jan Dhan Yojana) is a financial inclusion scheme that was introduced by the Central Government in August 2014. It's a scheme intended to 'eradicate financial untouchability' by giving banking access to the poor. Account holders under this scheme would receive benefits such as accidental insurance of Rs.1 lakh, life insurance cover of Rs.30,000 and some mobile banking facilities.
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Google's proposal
A Google spokesperson confirmed that 'Bharat Saves' would be rolled out as a website and also an app. Reports indicate that Google wants to align this platform with the government's financial inclusion schemes like Jan Dhan Yojana to ensure access to financial services. The Dhan Jan Yojana was launched in 2014 and since then 24 crore bank accounts have been opened under this scheme.
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How would 'Bharat Saves' work?
A login would be required to access the 'Bharat Saves' platform. The user would then choose a financial module to study and then take a financial literacy test. Certification would be provided by Google, the Indian Government and another industry organization. Post completion of the test, the user would be allowed access to see and compare banking and insurance products on the platform.
Who?
Beneficiaries of 'Bharat Saves'
The originally intended beneficiaries of Google's platform are low-income segments of society and other disadvantaged groups. The goal is to provide affordable financial planning services to these sections of society by educating them on financial literary tools. However, restrictions are unlikely and everyone from small business owners to farmers to retired persons can use the platform.
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Dhan Jan Yojana
Launched in 2014 Dhan Jan Yojana, although wasn't targeted at women, has resulted in massively benefiting them. There has been a huge bump in women operated bank accounts: from 48 per cent in 2014 to a whooping 61 percent in 2016.