Financial inclusion, the digital divide and other thoughts on the future of money | Ajay Banga

Ajay Banga discusses the importance of financial inclusion, especially during the COVID-19 pandemic. He explains the concepts of unbanked and underbanked populations and highlights the need for partnerships to address these issues. Banga provides examples of financial inclusion in practice, emphasizing the role of technology while acknowledging the digital divide. He also explores the idea of a cashless society and stresses the importance of data privacy and consumer control.

What is a key challenge faced by the underbanked population according to Ajay Banga?

• High transaction fees for online banking

• Inability to access credit at reasonable rates

• Lack of access to smartphones

• Limited access to physical bank branches

How does Ajay Banga suggest financial inclusion can be achieved?

• Through mandatory financial education programs

• By increasing the number of physical bank branches

• Through partnerships across public and private sectors

• By relying solely on government initiatives

What is one way technology can help farmers according to the discussion?

• By reducing the cost of fertilizers

• By offering free smartphones

• By providing access to online marketplaces

• By eliminating the need for physical labor

What is a potential benefit of moving from a cash economy to an electronic one?

• Reduced need for financial literacy

• Higher interest rates

• Increased cash flow

• Improved access to financial services

What is a concern related to the digital divide in financial inclusion?

• Over-reliance on cash transactions

• Limited access to smartphones and internet

• Lack of financial literacy programs

• High cost of digital transactions

How can biometric cards help in financial inclusion?

• By providing internet access

• By offering free financial advice

• By eliminating the need for banks

• By enabling direct government transfers

What is Ajay Banga's stance on a completely cashless society?

• He thinks it is inevitable

• He is indifferent to it

• He believes it should be avoided

• He fully supports it

What is one advantage of reducing cash usage in an economy?

• Reduced financial inclusion

• Greater transparency

• Higher transaction costs

• Increased tax evasion

What is a key principle for data management in a cashless society?

• Collect as much data as possible

• Share data with third parties freely

• Allow consumers to control their data

• Keep data collection secret

Why is consumer control over data important in a cashless society?

• To increase data collection

• To ensure privacy and security

• To reduce transaction costs

• To promote cash transactions