Wednesday, 21 August 2019

Mobile and banking

Indian telecom sector is the fastest growing telecom sector in the world. The massive and growing penetration of mobile phones in India, especially in rural areas, provides a ready and comprehensive basis for accessing and distributing public services electronically. Data access via mobile continues to gain popularity, and to date, 80% of Internet users in India access the Internet through mobile devices. This holds great promise and potential for e-governance, especially in general and digital-as-financial inclusion.

In the bank mobile space, DATI has a revolutionary, mobile service, enabling government departments and agencies across the nation to deliver public services to citizens and businesses through mobile devices on various mobile-based channels such as SMS, USSD, mobile apps, and voice / IVRS. -The government has launched a mobile governance initiative.

In the financial space, DATI has collaborated with NSDL Database Management Limited (NDML) to provide a central platform, Pay-Gov, to facilitate all government departments and services to collect online payments from citizens for public services. Pay-Gov offers a beginner-to-end transactional experience for citizens who choose from a variety of payment options like Net Banking (65 + banks), debit card, credit card, cash card / prepaid card / wallet, and NEFT / RTGS. Can do.

The Prime Minister's Jan-Dhan Yojana has been launched as a national mission with an integrated approach to bring comprehensive financial inclusion to all families in the country. The scheme envisages universal access to banking facilities, including access to at least one basic banking account per household, financial literacy, credit, insurance and pension facilities. It also envisages delivering all government benefits for the beneficiaries' bank accounts.

A special track on "Mobile as a means of financial inclusion" was organized during the Mobile Identity Consulting Consultation Workshop held in Daiti in October 2014. This workshop and further discussions revealed that the extensive distribution network of telecom service providers as well as the actual ones provided by them. Coverage and connectivity include power availability, cash management, security and In rural areas like cash-in / cash-out point adequacy, it is possible to address the challenges facing the simple operation of banking services. Mobile can serve as a suitable and effective supplemental channel for financial inclusion.
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