Dr. Kembai Srinivasa Rao Dr Rao is currently teaching risk management in the institute of Insurance and Risk Management (IIRM). A career banker with Bank of Baroda, he held the position of General Man … MORE The banking and financial sector is fast integrating technology to provide efficient financial services through multiple digital channels. The increase in financial and digital literacy is enabling users to explore the digital payment mode and are able to navigate gateways to make payments using debit and credit cards. Digital infrastructure in the financial sector when integrates with digital public infrastructure (DPI), the speed and digital reach multiplies. With the onset of the mission ‘Digital India’ in 2015, India is well poised to reach US $ 1 trillion digital economy by 2027-28. Leveraging DPI could enable speedy financial inclusion. It was possible to issue 1.389 billion Aadhaar national IDs, introduce Digi lockers, and facilitate more than 10 million daily e-KYC transactions. 500 million individuals could access bank accounts, with 55 percent being women and 66 percent residing in rural areas. CoWIN app, roll out of 5G, 6G, internet and its accelerated speed impacted the digitalization of the life of the masses. It enabled over […]
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