Google to make “Bharat Saves” website

September 7, 2016 Hot from the Oven Valli Sarvani No comments

Google is planning a new website for Indians. The website is aimed at helping Indian citizens save more and invest better. Their planned website is called Bharat Saves. The website would have information related to financial planning.

Furthermore, the tech giant is planning to combine their Bharat Saves website with the government’s financial inclusion scheme, Jan Dhan Yojana. The scheme attracted deposits of Rs.41,000 crore since its inception in 2014.

According to a senior finance ministry official, Google is holding talks with the government and they made this proposal. The proposal is being considered by the government. The official further added that the digital platform from Google would give citizens many financial literacy tools and information on financial products.

According to a spokesperson from Google spokesperson, many BFSI organizations and industry associations are coming together to launch a digital platform fitting in with the Prime Minister’s vision to create greater financial inclusion. He added that a financial literacy awareness campaign is likely to happen as well. Bharat Saves would be both an app and a website designed by Google itself.

In the first phase of the website, users would have to log into either of the platforms and complete financial literacy modules and gain knowledge. After that, they will take a financial literacy test. Passing it would give them certifications by the Indian government.

The app and website would also have an option for users to see, compare and purchase banking and insurance products. The platform would have more product categories added later and it will most likely be linked to PM’s Jan Dhan Yojana.

The platform will be especially useful for homemakers, small business owners, newly employed, retired people, and farmers.

Google is not the only one with such a plan. Apple also held talks with the government on including Apple Pay, a mobile payment and digital wallet service, in the financial inclusion programs of Indian government.

Image credit: Photo by Rajeshwar Bachu on Unsplash (Free for commercial use)