TRANS Asian Journal of Marketing & Management Research (TAJMMR)
Year : 2018, Volume : 7, Issue : 1
First page : ( 163) Last page : ( 169)
Online ISSN : 2279-0667.

Transforming india through digital financial inclusion

Fredy Sherine*

*M. Phil. Scholar, Department of Commerce, University of Kerala, Kariavattom, Trivandrum, India. Email id: sherinevandanam9fredy@gmail.com

Online published on 9 February, 2018.

Abstract

India is well and truly into the Digital Era. The Indian financial services landscape is undergoing a technological shift. The last few years have seen a renewed public focus on expanding financial inclusion. Building off prior programs, the government has invested in regulatory reform, improvements to the banking, payments, and ID infrastructure. They have also announced a series of programs targeting the bottom of the pyramid and micro, small, and medium enterprises (MSMEs). Together these trends are unleashing tremendous innovation with the potential to speed financial inclusion for millions. The present paper aims at understanding the prospects of digital financial inclusion in the Indian context. The winning combination of JAM with Digital India has kick-started a major disruption in banking, payments and the like, as never before. All this will hopefully unveil the promised revolution of a less-cash society, financial inclusion and a savings culture which can be beneficial for the economy. Policy and Programme Support is used to create a favorable and conducive environment for the interventions and to ease administrative and regulatory bottlenecks that limit innovation and scale. Dissemination is to spread the learning's from the interventions for others to benefit from. Banks need to redesign their business strategies to incorporate specific plans to promote financial inclusion of low income group treating it both as business opportunity as well as a corporate social responsibility

Top

Keywords

Digital Financial Inclusion, Digital India, Center for Digital Financial Inclusion (CDFI).

Top