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ET Financial Inclusion Summit: Taking digital banking to rural India
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Last Updated: Jul 16, 2021, 07:09 AM IST
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Synopsis
The rising prosperity in villages due to buoyant farm economy, diversified economic activities, rise of services businesses and the explosion of internet and affordability of smartphones have changed the economic equation between those who have the money and those who need it.
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The National Payments Corporation of India remains on a mission mode to ensure that the magic it has delivered so far reaches every rural household.
For decades the Indian bankers’ standard excuse for not expanding beyond cities and towns has been that financial services in rural India is an unviable proposition – because of high costs, poor demand and small ticket size. That tune is changing.