The minister said banks could offer free online learning content in collaboration with reputed educational platforms and institutions, using learning and skill development as an avenue to engage youth and bring them into the formal banking fold.
She suggested that banks should complement their propositions with lifestyle-linked benefits, including coupons/vouchers for fitness centres, yoga centres and credible mental wellness platforms.
Sitharaman suggested setting up of dedicated youth banking spaces such as ‘Yuva Kiosks’ or Yuva Banking Mitra at physical bank branches, where a dedicated employee could help the youth navigate their financial journey.
“Equal emphasis should be given to building awareness of the formal credit ecosystem, including credit scores, various bank credit products, and government credit schemes. This will enable youth to easily access finance for their future entrepreneurial journey,” Sitharaman said.
Also, she nudged banks to sensitise youth about the importance of maintaining good credit scores and history for responsible credit discipline.
Sitharaman also suggested that Indian Banks Association (IBA) could explore launching a portal dedicated to banking awareness for youth.
The portal could act as a single point where young people can understand banking services and financial opportunities suited to their needs and connect with the appropriate banking services.