A digital approach to financial inclusion3 min read . Updated: 07 Feb 2022, 06:48 PM IST
We should be more ambitious in setting our targets as digital banking has already made availability of touch-points less of a necessity. Neo banks will play a key role by enabling faster services at lesser cost to a vast demographic under-catered by main-street banks
Finance minister Nirmala Sitharaman wants to take financial services to every nook of the country using digital technologies. In her budget speech, she proposed the setting up of 75 digital banking units in 75 districts by scheduled commercial banks. This is a sound framework for improving financial inclusion (FI), which in the Reserve Bank of India’s (RBI) first and most recent FI Index was at 53.9. The budget proposal also ties in nicely with 75 years of India’s independence.