Google plans to build a website to teach Indians financial planning

Google is planning to make a website Bharat Saves, which will offer information on financial planning in terms of savings and investments by aligning itself with government's financial inclusion scheme, Jan DhanYojana, reports The Economic Times.

Citing a senior finance ministry official, the report says that Google is in talks with the government and that the company's proposal is being "examined". He said the digital platform "may provide a range of financial literacy tools and information on financial products".

Speaking to ET, a Google spokesperson said, "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".

The spokesperson also added that a financial literacy awareness campaign may be part of the plan. Bharat Saves will be an app and website, both of which are being designed by Google.

In the first leg, users have to log into either of the platforms and complete financial literacy modules, following which they will undergo a financial literacy test, the certifications for which will be given by the Indian government, Google and an industry organisation.

These would unlock a second segment of the app/website, where users will be able to see, compare and purchase banking and insurance products. Eventually, more financial product categories will be added and the platform will be linked to PM's Jan DhanYojana.

The target consumers for this platform will be homemakers, small business owners, the newly employed, retired persons and farmers.

Recently, Apple also has had talks with the government on making Apple Pay, a mobile payment and digital wallet service, a part of financial inclusion programs.