07 September 2016, India :
Google is working on a new website and app designed to teach Indians financial literacy and provide them with financial planning advice.
A senior finance ministry official told the Economic Times that Google is in talks with the government and they are currently examining the proposed service, which would be targeted at homemakers, small business owners, the newly employed, retirees and farmers.
IMF data shows that India’s savings rate has fallen from 36 percent to 31 percent of GDP between the 2007-08 financial year and today. Some economists have argued lack of access to modern financial services is a contributing factor.
A Google spokesperson told ET: “In line with the Prime Minister’s vision to create greater financial inclusion-various BFSI organisations and industry associations are coming together to launch a digital platform”.
It has also been told that ‘Bharat Saves’ will be rolled out as an app as well. To use the service, user will need to log into either of the platforms—the ‘Bharat Save’ app or website. The user will then be required to take a financial literacy test. The certifications for the test will be given by the Indian government, Google and an industry organisation.
Google wants homemakers, small business owners, the newly employed, retired persons and farmers to make most of Bharat Saves.
However, Google is not the first one to propose such a scheme in India.
Apple has already held talks with the government on making Apple Pay, a mobile payment and digital wallet service, a part of financial inclusion programmes. Source- ET
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