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In the rapidly evolving financial sector, balancing growth and risk mitigation has become more critical than ever. The CEO panel discussion, moderated by Manoj Agrawal and featuring industry stalwarts like Sudip Bandyopadhyay, Non-Executive Director, Inditrade Capital Ltd, Malcolm Athaide, Co-founder & CEO, Agrim Housing Finance, Gagan Singla, Managing Director, Blinkx at JM Financial, and Sunita Handa, Chairman, Toyota Financial Services India delved into the intricate interplay between upsurge and risk in the digital age. The dialogue illuminated the multifaceted strategies required to navigate this complex landscape.
The panel opened with a discussion on the current state of digital adoption in the financial sector. Sunita Handa acknowledged the significant strides India has made in digital transactions. According to the Reserve Bank of India's annual report, more than 99% of retail transactions are conducted through digital modes. This remarkable achievement underscores the rapid adoption of digital payment systems like UPI (Unified Payments Interface). However, Handa pointed out a paradox that highlights the untapped potential in the digital landscape. Despite the high percentage of digital transactions, billions of cash transactions still occur at ATMs, branches, and even at fast terminals.
This paradox is a clear indicator of the digital divide that persists in India. While urban areas and tech-savvy users have embraced digital transactions, a substantial portion of the population, particularly in rural areas, remains reliant on cash. Handa emphasized that this gap needs to be addressed to achieve a truly cashless society. She cited the example of internet penetration, where India, despite having 75 crore internet users, has a penetration rate of only 52.4%. This low penetration rate places India behind even smaller countries like Fiji, which has an 88% internet penetration rate.
This story is from the August 2024 edition of Banking Frontiers.
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This story is from the August 2024 edition of Banking Frontiers.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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