NITI Aayog calls for strengthening payment infrastructure for NBFCs
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“NBFCs can be enabled to participate more freely in the payment ecosystem through specific measures, such as issuance of credit cards and allowing for OTP based mandates, e-KYC and other services to be provided similar to banks,” it said in a report titled ‘Connected Commerce: Creating a Roadmap for a Digitally Inclusive Bharat’ and jointly released with Mastercard.
The report has further suggested digitizing registration and compliance processes. “Enabling agricultural NBFCs to access low-cost capital and deploying a ‘phygital’ (physical + digital) model for achieving better long-term digital outcomes is also needed,” it said adding digitizing land records will also provide a major boost to the sector.
NITI Aayog, Mastercard release report on Connected Commerce
May 10, 2021
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It identifies challenges in accelerating digital financial inclusion and provides recommendations to make digital services accessible to all citizens. NITI Aayog and Mastercard have jointly released a report highlighting key elements of a roadmap India can follow to achieve the next level of digital transformation in the next three years.
This report titled ‘Connected Commerce: Creating a Roadmap for a Digitally Inclusive Bharat’ identifies challenges in accelerating digital financial inclusion in India and provides recommendations for making digital services accessible to its 1.3 billion citizens. The report was released by NITI Aayog’s Vice Chairman Rajiv Kumar, CEO Amitabh Kant, Ajit Pai, Distinguished Expert and Head, Economics and Finance Cell, and Ravi Aurora, Senior Vice President and Group Head, Global Community Relations, Mastercard.