The transaction system in India has seen revolutionary changes in the recent past with many tools and apps coming up to encourage Indians to go cashless.
This has been greatly encouraged by various governmental initiatives like the Digital India programme and demonetisation. The central government is aiming to transform India into a digitally empowered society and economy.
Aim of the government
With technology as the backbone, the country is definitely heading towards establishing itself as a developed economy. Also, about 1.8 billion mobile banking users will emerge by 2019 globally. What we need to understand and build is a better ecosystem. A digital bank today needs to grow by embracing the pillars of digitalisation and also work towards remaining relevant in the competitive global financial system.
This story is from the January 16-31, 2019 edition of BUSINESS ECONOMICS.
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This story is from the January 16-31, 2019 edition of BUSINESS ECONOMICS.
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