17,000 new credit cards issued by ICICI linked to wrong users

The Fintech doorstep initiatives like “converting local Kirana stores into bank” have worked wonders in rural communities to stay informed about their banking status and getting introduced by new/vivid banking terminologies & services.

India is one of the fastest digitally growing countries, has witnessed the wave of digitization transforming industries and lives in multi-dimensional ways. The country has a culture of agriculture in past and rural sectors contribute to a larger customer base here.

But due to the lack of digital penetration, the limited reach of E-commerce platforms, and the limited rate of internet affordability the potential area is untapped by many economical & financial groups.

While India is set to rise as a digital payments market of $1 trillion after recording 3,435 crore digital payments in the year 2019-20, financial inclusion in the rural areas of India is still a challenge.

The rural customer base unlike the urban customers desires a one-stop solution for all their buying and selling needs. So that they don’t have to travel far away or stand in long queues for minor transactions like cash withdrawals, loan repayments or to sell the farm produce for that matter!

As per an expert joint study by ASSOCHAM-PwC  “India expects to touch 859 million smartphone users by the end of 2022. India covers a large untapped potential market that could gig up the rural economy. With over 6,38,000 plus customers prevalent in rural India, the Fin-tech companies are empowering the sector by their developed financial business tools”.

India has seen a remarkable growth of start-up ecosystems in the rural sectors. Most brands despite being able to reach rural India have not been able to unlock the true potential struggle of the rural population. Looking to which, various Fintech start-ups are heading towards providing E-Banking services in the villages & helping induce the rate of digital literacy in the rural section of the country.

The Fintech doorstep initiatives like “converting local Kirana stores into bank” have worked wonders in rural communities to stay informed about their banking status and getting introduced by new/vivid banking terminologies & services. Moreover, saving their loads of time & money invested in walking up to adhere to basic banking services earlier.

The road to financial inclusion in India is long, dusty, and tiring. But a combination of fast-paced technology and the willingness of entrepreneurs can revolutionize the financial ecosystem of the sector and help promote financial literacy to the last mile.

(The writer is the founder of Mahagram and Bharat ATM, views are personal)