Search
Increasing penetration of digital banking services in rural India
September 14, 2023
India is a country of contrasts, with both bustling metropolises and rural areas with limited access to modern technology. However, the demand for digital banking services is growing rapidly in rural areas, and this trend is being supported by the government’s ambitious BharatNet project and the Digital India programme, which aims to pull together many existing schemes.
From digital India stems digital banking, which has revolutionised the way people manage their finances by enabling them to access their bank accounts, transfer money, pay bills, and conduct other financial transactions without leaving their homes. This has been particularly important during the Covid-19 pandemic, which limited people’s ability to visit physical bank branches.
Over the course of the last half-decade, India’s digital terrain has undergone a remarkable metamorphosis, poised to emerge as a fully-fledged digital economy. This evolution has had a profound impact, especially in the rural hinterlands, where conventional banking services have long grappled with constraints that curtailed their reach. The increasing penetration of smartphones and the availability of affordable data plans have created a significant demand for digital banking services among rural Indians.
Many of India’s leading banks, such as SBI, HDFC, and Punjab National Bank, amongst others, have expanded their services to include last-mile digital banking for their customers in rural areas. Embarking on an ambitious endeavor, BharatNet has unfolded as one of the grandest rural telecom initiatives globally. Implemented in a well-structured manner across countless Gram Panchayats spanning the nation, this colossal project aims to ensure equitable and non-discriminatory access to broadband connectivity for all telecom service providers.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://ask.careers/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/
- Mumbai: https://ask.careers/cities/mumbai/
- TSCFM: https://ask.careers/institutes/tscfm/
