Account aggregators are ready to widen Indian access to credit
SummaryThe sharing of personal financial data while ensuring data privacy will enable easy loans for individuals and small firms
The Pradhan Mantri Jan Dhan Yojna (PMJDY) revolutionized the financial services system for the most deprived section of society. The scheme is a step towards holistic financial inclusion, with features like no minimum balance requirement for a bank account, direct cash transfer enablement, access to Rupay Debit Cards and pension. As we complete 7 years of this initiative, its success needs to be celebrated for bringing more than 430 million beneficiaries, with ₹1.451 trillion in balances, under the banking system.