With digital transformation, banks will be able to bring down operating cost and also increase efficiency and productivity to such an extent that serving the needs of customers at the margins actually becomes profitable.
The digital India programme is a flagship initiative of the Indian government with the vision of “transforming India into a digitally empowered society and knowledge economy.” By deploying the JAM (Jan Dhan, Aadhar and Mobile) trinity, the government hopes to extend the reach of the formal financial system to the farthest corners of the country. The masses should be able to get access to the formal banking channels for both savings and loans. With digital transformation, banks will be able to bring down operating cost and also increase efficiency and productivity to such an extent that serving the needs of customers at the margins actually becomes profitable.
Promise of Digital Payments
The digital payment landscape in India has been developing at an exponential pace. Although at a nascent stage, it is witnessing high volumes of digital payment transactions. With a population of over 1.25 billion, India is one of the largest markets for payments.
According to a report by Google Inc and Boston Consulting Group, India's digital payments sector growth will be worth around USD 500 billion by 2020, a substantial increase from current estimate of approximately USD 40 – 50 billion. This means the country will observe USD 500 billion flowing through digital payments, which is expected to contribute to around 15 per cent of the country’s GDP. To support this momentum, India will move towards the most advanced digital payment ecosystem over the next five years, backed by Unified Payments Interface (UPI) and Aadhaar, as also as a growing internet user base, smartphone penetration and a conducive regulatory environment.
This story is from the November - December 2016 edition of UNIQUE TIMES.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November - December 2016 edition of UNIQUE TIMES.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Bhutan: The Enchanting Jewel Of The Himalayas
Majestic snow-capped mountains, picturesque valleys, verdant forests, centuries-old Buddhist shrines and monasteries, fluttering prayer flags, a serene way of life and folks boasting the best happiness index in the world...this Land of the Thunder Dragon has much more to entice those with wanderlust.
Bail - Emerging Trends In The Context Of Money Laundering Laws
The Hon'ble Supreme Court in case of Manish Sisodia Vs Directorate of Enforcement 2024 SCC Online 1920 has upheld certain key propositions that where a trial has not merely been delayed but has not even commenced after a long period of incarceration, the same would be violative of Article 21 of the Constitution of India.
Toyota, Maruti Suzuki Boost Hybrid Vehicle Sales in Uttar Pradesh Amid Tax Waivers, Spark Industry Debate
Toyota and Maruti Suzuki are ramping up marketing efforts for hybrid vehicles in Uttar Pradesh, leveraging new state tax waivers that offer buyers savings of up to $15,800 on luxury models like the Toyota Vellfire.
Supreme Court Rejects AAP Government's Plea to Expand NRI Quota in Punjab Medical Colleges
The Supreme Court rejected the AAP-led Punjab government's plea challenging the High Court's ruling against expanding the ‘NRI quota’ to include distant relatives for medical and dental college admissions.
USA's Delaware Supreme Court Confirms Byju's Default on $1.2-Billion Loan Amidst Ongoing Insolvency Proceedings
The Delaware Supreme Court has upheld a ruling that edtech firm Byju's defaulted on a $1.2 billion Term Loan B (TLB), validating claims made by US-based lenders.
India Approves Rs 3,300 Cr Semiconductor Packaging Plant in Gujarat, to Boost Chip Production
The Union Cabinet has approved a Rs 3,300 crore proposal from electronics manufacturer Kaynes to establish a semiconductor packaging plant in Sanand, Gujarat.
Thar Roxx: Your Perfect Off-Road Companion
To say that Mahindra knows the Indian customer really well, will be an understatement. Their biggest hits have come in various forms over the years, from the XUV500 to the XUV700 and the Scorpio N in recent times.
Exfoliate Your Way to Flawless Skin
Imagine waking up to smooth, glowing skin every day—skin that feels soft to the touch and looks naturally radiant without the need for heavy makeup or filters.
The Stinking Rose: Flavourful and Full of Health
Garlic, the humble bulb with a pungent aroma and a rich history dating back thousands of years, has earned a reputation not only in culinary delights but also as a powerhouse of health benefits.
Never give up!
In the earlier stage of your life, it was someone else who might have been gravely instrumental in shaping your viewpoints. Hence, it is supremely important to re-evaluate what you believe in, when you become an adult.
