SIGNIFICANT HURDLES IN MAKING FULL RANGE OF FINANCIAL SERVICES AVAILABLE TO ALL
BANKING FINANCE|July 2022
Despite making rapid strides in digital transactions and expansion of universal banking services to the last mile, there are still significant hurdles in making the full range of financial services available to all sections of the population, especially those in low income groups and senior citizens.
SIGNIFICANT HURDLES IN MAKING FULL RANGE OF FINANCIAL SERVICES AVAILABLE TO ALL

That's according to a report 'Financial Inclusion Challenges' released by IIT Madras Research Park (IITMRP) and IITM Incubation Cell. The report, released on Tuesday, was aimed at highlighting the gaps in financial inclusion despite the transformation in the financial services sector over the last decade.

Significant transformation

The report said over the last decade, financial services in India had undergone significant transformation driven by technology enablers and supported by the government and regulators such as RBI. While Jan-Dhan Yojana has increased the banking penetration with over 44.5 crore new accounts created since 2015, the Unified Payments Interface (UPI) had a meteoric rise in adoption with monthly transaction value jumping from ?0.38 crore in July 2016 to ?8.27-lakh crore in February 2022.

هذه القصة مأخوذة من طبعة July 2022 من BANKING FINANCE.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة July 2022 من BANKING FINANCE.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من BANKING FINANCE مشاهدة الكل
Fraud Risk Management In Banking
BANKING FINANCE

Fraud Risk Management In Banking

Fraud risk management is a fundamental aspect of overall Risk Management within the banking sector. In India, banks adhere strictly to guidelines set forth by the Reserve Bank of India (RBI) to prevent, detect, and promptly report fraudulent activities.

time-read
6 mins  |
October 2024
Will Brick-andMortar Banks Get Schooled by FinTech Startups? The Talent War for India's Banking Future
BANKING FINANCE

Will Brick-andMortar Banks Get Schooled by FinTech Startups? The Talent War for India's Banking Future

The Indian banking sector is on the cusp of a transformation. FinTech startups are revolutionizing the industry with innovative products, seamless digital experiences, and a culture of agility. But this disruption extends beyond just technology.

time-read
4 mins  |
October 2024
Beyond the Rate Hike: Understanding the effects of Monetary Policy Tightening in India
BANKING FINANCE

Beyond the Rate Hike: Understanding the effects of Monetary Policy Tightening in India

Globally Inflation started rising post April 2021 and went above the target range set by most of the Central Banks. It had remained low and dormant for a substantial duration since the global financial crisis. CPI inflation in developed countries such as US, UK and Euro zone, began to exceed their traditional target of 2% and continue to stay at these elevated levels till recent time.

time-read
10+ mins  |
October 2024
MSMEs - The Unsung Heroes of India's Economic Journey
BANKING FINANCE

MSMEs - The Unsung Heroes of India's Economic Journey

Micro, Small, and Medium Enterprises (MSMEs) are the lifeblood of India's economy, contributing significantly to GDP, employment, and exports. Their ability to adapt, innovate, and create opportunities has propelled India towards becoming a global economic powerhouse.

time-read
10 mins  |
October 2024
The Role of Sustainable Marketing in Modern Business Practices
BANKING FINANCE

The Role of Sustainable Marketing in Modern Business Practices

The landscape of business is evolving with a growing emphasis on sustainability. Sustainable marketing, which integrates environmental and social responsibility into business practices, is gaining traction as a critical approach for companies aiming to align with the values of modern consumers.

time-read
3 mins  |
October 2024
Transforming Indian Banks: How Generative AI is Redefining Marketing
BANKING FINANCE

Transforming Indian Banks: How Generative AI is Redefining Marketing

In the fast-paced world of finance, marketing strategies have evolved greatly, using the latest technologies to effectively reach and engage customers. Among these technologies, Generative Artificial Intelligence (AI) stands out as a game-changer.

time-read
5 mins  |
October 2024
Legal News
BANKING FINANCE

Legal News

No GST on Fines and Penalties Collected by RBI, Rules Maharashtra AAR

time-read
2 mins  |
October 2024
Frauds in Banking Sector and Role of AI in Fraud Management
BANKING FINANCE

Frauds in Banking Sector and Role of AI in Fraud Management

The banking sector, a cornerstone of the Indian economy, plays a critical role in driving financial inclusion and stability. However, it has not been immune to fraudulent practices, which jeopardize not only the financial institutions but also the trust of the populace.

time-read
4 mins  |
October 2024
RBI CIRCULAR
BANKING FINANCE

RBI CIRCULAR

Interest Equalization Scheme (IES) on Pre and Post Shipment Rupee Export Credit

time-read
4 mins  |
October 2024
Banking and Financial Services: Paving the Way for India's Development
BANKING FINANCE

Banking and Financial Services: Paving the Way for India's Development

The adoption of digital payments through platforms like the Unified Payments Interface (UPI) has made cashless transactions a norm. The rapid growth of fintech has democratized access to financial products, making it easier than ever for people across the country to manage their finances.

time-read
2 mins  |
September 2024