‘Bharat Saves’ – An initiative by Google

‘Invest better and save more’ is the motto of Google, for now.

The giant technology company Google, based in the US is planning to create a website named ‘Bharat Saves’. The website will focus on to cater information on financial planning.

Google is planning to link Jan Dhan Yojana, the government’s inclusion scheme with the ‘Bharat Saves’ website. Since the launch of Jan Dhan Yojana in 2014, over 24 crore bank accounts were being opened and Rs. 41,000 Crore deposited were done.

The digital platform will provide an access to a range of information on financial products and financial literacy tools. Various BFSI organizations and industry will be joining hands to launch the digital platform.

Google will design the mobile application and website of ‘Bharat Saves’. An awareness campaign will be done for enhancing the financial literacy.

Firstly, the user has to complete the modules of financial literacy.  The certification will be given by the Indian government along with Google and an industry organization for clearing the test on financial literacy.

Google will offer a separate section for the users who can compare and purchase insurance and banking products.

Small Business owners, farmers, retired persons and homemakers are assessed as the targeted audiences by Google for this platform.

Before the arrival of Google’s proposal to the government, Apple has pitched the deal of making Apple Pay which will provide services such as digital wallet, mobile payment and a financial inclusion program.

The government organized ‘Digital India’ program, has given Narendra Modi, the Prime Minister a platform to meet the CEOs of several technology giants.

Discussions on important issues took place at the Digital India forum during the PM’s visit to the US which took place in San Jose, California.

As per International Monetary Fund (IMF), there has been a remarkable fall in the saving rates. According to a research data, the savings of a household have deteriorated to a quarter of the disposal income.

The reason for the fall of the savings rate is the stagnant income during high inflation rate for many. According to the economists, one of the reasons is the lack of access to modern financial instruments.