Digital Literacy can Accelerate Financial Inclusion in India
SME World|June 2021
The COVID pandemic has made It evident that there is an urgent need to move beyond Just literacy to digital literacy. At the grassroots in particular, digital literacy can give a big thrust to progress In areas such as tele medicines, education and banking. Acknowledging the urgency and pushing the Digital India mission, the government has announced its plan to extend Internet services to six lakh villages in the next three years: With more than 70 percent of India's population residing in villages, digital inclusion is not an option but a necessity.
Milan Dolanksy
Digital Literacy can Accelerate Financial Inclusion in India

Financial inclusion is one of the cornerstones of a developing economy. In India, technology has significantly improved the accessibility and affordability of financial services that were previously inaccessible to the unbanked or underbanked masses. In the past nine years, our country has accelerated the pace of financial inclusion. From 40% of Indian adults with a bank account in 2011, this number has consistently increased to 80% in 2018 (Global Findex Data 2020.) However, despite this, India is the second-largest unbanked population globally.

Issues surrounding Financial Inclusion

Customers in rural areas are not able to access the same level of credit options and wealth management products that are offered in towns and cities. Reliance on cash continues. While access to financial services for women has increased in recent years, the gap still remains. (Global Findex Data 2020 estimates that 77% Indian women have bank accounts, against 43% in 2014.)

Low levels of financial literacy create misunderstandings and distrust of the formal financial system. Without the knowledge of why financial products exist and how they should be used, underbanked customers won't use or trust them. Providing financial services to this segment is also expensive. The delivery of financial services using traditional 'brick-and-mortar' channels is not profitable, given the low amounts of money transacted.

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