With a myriad of Internet tech giants craving to invade one of the most fast-paced economies, India, Google is now planning to chip in and further its cause. The tech giant, as reported by ET, is planning to develop a website ‘Bharat Saves‘ to offer us with information on financial planning. It wants us to better manage our money, to save more and invest better.
Google is keen on developing an informative digital platform that aligns with PM Narendra Modi’s wildly popular financial inclusion scheme, Jan Dhan Yojana which was launched in 2014. With the aim of providing affordable financial services to disadvantaged and low-income segments of society, the scheme has seen over 24 crore new accounts being opened, with deposits amounting to a total of Rs. 41,000 crore(or $6.16 billion).
Commenting on the same, a Google spokesperson added,
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.
He further added that ‘Bharat Saves’ will be designed provide a range of financial literacy tools and information on financial products. It will be developed exclusively by Google, and available both as a mobile app and website. The company has also floated the idea of a ‘financial literacy awareness campaign’ alongwith the launch of the platform.
Google has already applied for a proposal for the same, and it is currently being ‘examined’ by government officials, said a senior financial ministry official, off record.
But, how will the platform work and what will the users be able to learn on it?
Though the details are bit scant, but you would need to login into the platform, choose a financial literacy module to study and complete the same. You will then need to take a financial literacy test, the certification for which will be provided by the Indian Government, Google and an industry organisation. This actually sounds a bit like a MOOC course on financial planning.
Once you’ve cleared the test, it will open a second section of the platform where you will be able to put your recently learned financial knowledge to good use. You will be able to see, compare and purchase banking and insurance products directly from the ‘Bharat Saves’ platform. The tech giant, currently waiting on the initial confirmation, also plans to include more financial product categories linked to PM’s Jan Dhan Yojana in the near future.
Google intends to target and teach a broad range of Indian consumers, including homemakers, small business owners, the newly employed, retired persons and farmers, about the best financial practices. There is, however, no restriction and anyone looking to better manage their financials will be able to become a part of the platform.
This is another strong push by the Mountain View-based tech giant, who is betting big on the India’s growing economy. It has already helped push the limits on the Internet cap by partnering with the Railway Ministry to install free Wi-Fi hotspots at major Tier-I, Tier-II and Tier-III cities. This move, though different from Apple’s, who is trying to bring its wireless payment service ‘Apple Pay‘ to the country, also plans to partake in the current initiative of a growing ‘Digital India’.