Financial Inclusion On Cloud

FinTech a rapidly growing economic industry today and with the help of a friendly government policies, many startup companies are making the unviable a success and innovating new ways of financial system.

Rural development was rare due to lack of banks and other financial services. Poverty stricken rural areas faced more hindrances in getting loans, other financial services. Transacting was way out of place and it would take days to deposit or withdraw cash from banking organisation, to add more banks could rarely understand the pivotal role of potential borrowers in the Micro-entrepreneurs, impoverished women and poor villagers were the prospective customers for borrowing loans and other financial services_ Least was it known that technology could bring in powerful changes to the society, especially acknowledging the poor. Over the years, start-up companies emerged with new ideas, which created a pandemonium of new financial transaction processes available on the digital platform focusing on the rural development. The NBFC and MFI companies have stepped forward to disseminate the imperative financial order to eradicate poverty. 

The National Association of Software and Services Companies (NA OM) reported in the beginning of 2016 that Fintech has seen some overwhelming growth in the industry giving way to many small-scale businesses in the rural areas.