IMAGINE AN ECONOMY where cash and plastic cards trail behind digital payments. This shift will not just impact India but the world too, as low-cost QR codes are increasingly becoming popular for payments compared with high-cost point of sale or POS terminals.
And it's not just this; there are other transformative reforms at play here in the ₹177-lakh crore financial services sector. The path-breaking Insolvency and Bankruptcy Code (IBC) is expected to be fine-tuned this year to ensure faster insolvency proceedings. Consider the significant release of funds this promises for banks, empowering them to reinvest those funds. There is also the new development financial institution (DFI), which is poised to infuse substantial funds in partnership with banks into the rapidly growing infrastructure sector.
The financial services industry is on the cusp of an exciting transformation. While great progress has been made, there are many pieces that are part of the government's and the Reserve Bank of India's (RBI) unfinished agenda that are still in the works.
12% THE CURRENCY IN CIRCULATION TO GDP RATIO, WHICH IS STILL QUITE A CONSIDERABLE AMOUNT
LESS CASH
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