Government is committed to exchange information and evolve mechanism to offer new financial products and services catering to the needs of youth. Addressing a 3 day International Conference on Increasing the Financial Outreach of The Youth Population in New Delhi today, Expenditure Secretary Ministry of Finance R P Watal said, marketing of financial products including postal saving, national saving certificate and Provident Fund will promote virtues of thrift and saving to the youth.The conference was jointly organised by Ministry of Finance and World Savings and Retail Banking Institute, Brusssels. Presently, the domestic savings rate is 30 percent of GDP. He said, government will ensure that products are secure, give handsome return, offer tax relief and are available at time of need.Mr Watal said, it will help in containing inflation and increasing domestic savings. Joint Secretary of Budget, Finance Ministry Rajat Bhargava said, domain of saving movement has to be increased to include underprivileged section of the society.
News On AIR | October 28, 2014 5:21 PM
Govt to offer new financial products, services to promote saving among youth