Mobile technology has transformed the way financial services are accessed, delivered, and utilized, particularly in underserved and remote areas of India. The use of mobiles and tablets in financial inclusion drives has the potential to reach underserved populations, enhance financial access, promote economic empowerment, and improve overall financial well-being. Banks use mobile phones/ tablets to…
According to various surveys including OECD Surveys, only 27 per cent of India’s population is financially literate. Additionally, only 16.7 per cent of Indian students have a basic understanding of finance and money management. The level of financial literacy varies by state, with Arunachal Pradesh having the highest rate at 57.1% and Puducherry having the…
The RBI while considering applications for opening branches gives weightage to the nature and scope of banking facilities provided by banks to common persons, particularly in underbanked areas (districts), actual credit flow to the priority sector, pricing of products, and overall efforts for promoting financial inclusion, including the introduction of appropriate new products and the…