Ministry of Finance, Government of India is organizing three day International Cross Regional Conference during 28th 30th October 2014 (304 KB) PDF FileOpens in a new window
October, 29th 2014
Press Information Bureau
Government of India
THREE DAY INTERNATIONAL CROSS REGIONAL CONFERENCE ON "INCREASING
FINANCIAL OUTREACH OF THE YOUTH POPULATION, 2014-POSTAL SAVINGS BANK
FORUM AND 90TH ANNIVERSARY OF WORLD THRIFT (SAVINGS) DAY" TO BEGIN HERE
TOMORROW; FOCUS ON DEFINING YOUTH, THEIR FINANCE AND SAVINGS NEEDS AT
DIFFERENT LIFE STAGES AND THE ROLE OF FINANCIAL EDUCATION IN MOTIVATING
THE YOUTH TO SAVE
New Delhi, October 27, 2014
5 Kartika, Saka 1936
Ministry of Finance, Government of India is organizing here a three day International Cross
Regional Conference on "Increasing Financial Outreach of the Youth Population, 2014-Postal Savings
Bank Forum and 90th Anniversary of World Thrift (Savings) Day during 28th 30th October 2014 in
collaboration with World Savings Retail Banking Institute (WSBI, Brussels). The Conference will be
inaugurated by Shri R.P. Watal, Expenditure Secretary, Government of India here tomorrow. National
Savings Institute, an attached office of Budget Division (with Headquarter at Nagpur and 10 Regional
Centers across the Country) is co-hosting the event with WSBI.
The importance of public savings was realized by the international community and as per the
decision taken in the year 1924, during the International Savings Congress held in Milan, Italy, the
International Savings Banks Institute, now known as World Savings & Retail Banks Institute came into
existence. WSBI is an apex body of savings and retail banks from all over the world with 109 Members
from 78 countries. The Institute works for promotion of savings and organizes various conferences,
workshops, seminars through sharing of experiences and information on products and services available in
the Member countries for replication by making amendments / modifications suited to the local conditions.
The Cross Regional Conference will focus on defining youth, their finance and savings needs at
different life stages and the role of financial education in motivating youth to save. The Conference will
also focus on how savings bank could improve their offer through the diversification of the delivery
challenges. This will be an opportunity to get an exposure to the programmes and practices prevalent in the
savings banks of other Member countries of WSBI.
India has got highest rate of young population i.e. 65 % of the population is below the age of 35
years. At present there are no products and services which can cater to the specific need of youth
population. There will be an exchange of information about the products and services being offered by
different savings and retail banks from all over the world. The input received during this Conference can
be utilized to design products and services most suited to different needs of this particular segment of the
society. Through marketing of these products we can also promote the virtues of thrift and savings among
the youth population and thereby help in containing inflation to some extent and increasing domestic
Organizing of these events will be helpful in drawing strategies and programmes for increasing the
outreach of savings schemes to the youth in the country, and underlining the rising force of postal banking
in the retail banking marketing with the sharing of the experiences by the delegates of WSBI member
countries participating in the programmes. Officers from Budget Division, National Savings Institute and
Department of Posts will be participating in the event.
The Gross and Net deposits in
National Savings Schemes, which were Rs. 108.35 crores and Rs.71.51 crore in the year 1948-49, have
reached to Gross Rs. 256061.84 and Net Rs.135528.41 crore in 2007-08. From the year 2008-09 after
showing declining trend on account of heavy maturity, the collections have again picked-up. In the year
2013-14, the Gross Collections were Rs. 207533.69 crore and Net Rs. 15476.85 crore.
NEW INITIATIVES TAKEN BY THE GOVERNMENT TO PROMOTE SAVINGS
To arrest the declining trend in savings rate and to create a congenial atmosphere for development
of savings habit among the people, the Union Finance Minister Shri Arun Jaitley, in his Budget speech
announced revitalization of small savings and new initiatives have been taken by the Government :
Deposit limit under Public Provident Fund Scheme has been enhanced from Rs. 1 lakh to Rs.
Kisan Vikas Patra a popular savings scheme, which was discontinued w.e.f. 1.12.2011 has
been re-launched and a notification in this regard is being issued. Under the said scheme, the
investment will double in 100 months.
To address the concerns of education and marriage expenses of girl child, a new savings scheme
has been designed and the same is likely to be launched shortly.
To provide social security through savings, a new savings certificate scheme with insurance
component is also being designed and will be launched shortly.
To enhance the outreach of the schemes to the people, the new schemes being launched will also
be made available to the investors, through the authorized branches of nationalized an
A massive programme for bringing operation of the savings schemes in Post Offices on CBS
platform has been launched by the Department of Posts and the schemes have already been put
on CBS platform in more than 600 Post Offices.
From the inputs which will be received during the aforesaid three day Cross Regional Conference, a
savings product for youth population will be worked out to involve 65 % of our population comprising
youth in Savings Movement and develop the habit of regular savings.