By Anand Kumar Bajaj
The outcome of the polls has paved the way for far reaching decisions in many areas. Financial inclusion is one such domain. Key enablers of digital financial inclusion are already in place — such as the policy, platform, participation, providers, public and promise.
The banking infrastructure has evolved over years and strategic policy changes have helped in building a stable and credible environment. Financial sector reforms have also simultaneously strengthened the overall digital infrastructure by encouraging innovation and quick adoption of new solutions. Innovations in the recent years particularly, have facilitated harnessing digital infrastructure with open banking APIs from banks and crowd sourcing of retail network. A mobile in the hand of every In ..
The government is the most active stakeholder in the transformation. In March 2019 Amitabh Kant chaired the FinTech workshop. In April a detailed workshop conducted by the Department of Financial Services gave further impetus to the movement; and, finally the ideation done by panel headed by Nandan Nilekani with the payment industry participants has further built our confidence. Once implemented, the panel’s recommendations could help us leapfrog into the next orbit of development.
1. Actualise the intended and announced GST waiver on financial inclusion for PMJDY accounts and accounts in rural areas, by, applying the waiver for all financial inclusion services offered by Business Correspondent (BC) agent outlets. This is a channel used mostly by poor migrants who either hold a PMJDY account or a normal bank account a rural branch.
In permitted interoperable BC environment, identifying types of accounts is impossible. Thus, it would not be unjusti ..
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