close to the target number, we would not only need scaling up of efforts by institutions like aif, but also the involvement of many more such governmental and non - governmental organizations. our experience with the financial inclusion programs has highlighted that unless the intermediaries involved develop sustainable delivery models and are able to run these activities as a viable business proposition, success would remain elusive. therefore, apart from a sense of commitment, what we really need for these drives to succeed is a sustainable delivery model, which other institutions could imbibe from aif and emulate. it is, indeed, very heartening to note that the aif has chosen to focus on the subject of financial inclusion of urban poor for its annual seminar and i compliment the foundation for this. as you all know, financial inclusion has been a key area of focus for the reserve bank of india and i firmly believe that forums such as this provide us an opportunity to put our minds together to introspect on what more needs to be done to meet the ambitious goals we have set for ourselves. i, therefore, thank the organizers for inviting me and providing me the opportunity to present my views on the topic. though the indian economy has witnessed tremendous growth lately, vast sections of our society have remained excluded from the india growth story due to various socio - economic factors. it is ironic that despite our cities seeing widespread affluence, large pockets of financial exclusion should exist right at the very heart of these cities. every year, a large number of people migrate from villages to cities in search of a better life for themselves and their families. they take up non - contractual and non - permanent jobs of vendors, porters, hawkers, construction workers, domestic workers, rickshaw pullers, etc. these people need fast, low cost, convenient and safe avenues of savings, credit and remittances to meet their needs. however, in view of the non - permanent nature of their occupations, they frequently bis central bankers ’ speeches shift base within city or even across cities. bankers are generally found to be shy in providing them banking services, for obvious reasons. what do we mean by financial inclusion? before i turn to the specifics of financial inclusion of urban poor, let us spend a minute in understanding the meaning of the term itself. we have defined financial inclusion as “ the process of ensuring access to appropriate financial products and services needed by all sections of the society in general and vulnerable groups such as weaker sections and low income groups

overall integrity and efficacy of the internal grievance redress mechanism. further, regulated entities must comprehend that they are the first touch points in the overall grievance redress framework. re - directing the aggrieved to the alternate grievance machinery of the rbi ombudsman is not desirable. as i can see from some of the complaints that land at my desk, many of the cases are such that they should have been resolved at the level of the regulated entities. ( iii ) data analysis for improving quality of services regulated entities serve as repositories of data on financial transactions, customer interactions, and operational activities. within this extensive repository lies a unique opportunity to enhance customer service through robust data analysis. by harnessing the power of data analytics, regulated entities can proactively anticipate customer needs, address issues promptly, and streamline processes. a data - driven approach would not only optimise operational efficiency but also reinforce the commitment to providing exemplary customer service. with the rise in fraudulent transactions, it is critical to strengthen monitoring systems and use technology to detect potential frauds before they materialise. maintaining a focus on root cause analysis of consumer grievances can result in preventing such 2 / 5 bis - central bankers'speeches complaints to come up repeatedly. with the advent of artificial intelligence ( ai ), cybersecurity challenges can rise manifold. they can expose consumers to identity theft, fraud, and unauthorized access to personal information which can affect consumer trust. financial institutions must dedicate substantial efforts to protect customer information and ensure that vulnerabilities exposing customers to risk are promptly identified and addressed. ( iv ) consumer education and awareness a financially aware and vigilant consumer is best placed to handle threats such as phishing, phone scams, deepfakes and more. lack of proper understanding can impede consumers'ability to navigate the financial landscape effectively, leaving them vulnerable to exploitation or fraud. while we have made good progress in our objective of enhancing consumer awareness, there is considerable scope for further deepening consumer awareness and financial literacy activities, particularly among the marginalised, less savvy and rural communities. all the stakeholders need to refocus themselves in this direction. recognising that consumer education is essential for their protection, the reserve bank also undertakes various public awareness campaigns in the mainstream and social media. the'rbi kehta hai'or'rbi says'campaigns featuring our mascots money kumar and ms. money, are