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International Cross Regional Conference
Nov 07, 2014

Indian Finance Ministry organized 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 in New Delhi in collaboration with World Savings Retail Banking Institute (WSBI, Brussels).

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 focussed 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 also discussed on how savings bank could improve their offer through the diversification of the delivery challenges.

India has got highest rate of young population i.e. 65 per cent 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 savings rate.

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.

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.


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