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Posted on February 28, 2022
Over the past decade, India has taken the path of digitalization, and a lot has changed in the country – the banking sector to begin with. The government is judicially trying to improve the banking sector by bringing banking services to the doorstep of all citizens – rural and urban population.
Nirmala Sitharaman, Finance Minister of India, recently said that the government plans to open 75 digital banking units in 75 districts.
According to the minister, India has seen growth in digital banking and payments. In a bid to expand banking services in the country, the government will also connect all 1.5 lakh post offices to the central banking system by 2023. This would help financial inclusion and access to facilities bakeries like online banking, mobile banking, and ATMs. .
Shaking hands with the government’s attempt to expand banking services in India, Ezeepay will soon develop many strategies.
“By announcing Pradhan Mantri Jan Dhan Yojana as a National Mission on Financial Inclusion in 2014 to highlight the need for digital banking services in the 2022 budget, the current government is exerting a lot of efforts to make India a financially capable nation. The measures aim to increase awareness, availability and accessibility of digital banking services nationwide,” said Mr. Rashid Ali, Managing Director, MJ Digital Services Private limited (Ezeepay).
Mr. Rashid Ali believes that the budget for 2022 promotes all previous government initiatives to strengthen the banking base.
Ezeepay started by setting up micro-automates in rural areas to work on these lines. “To standardize the use of technology among the rural population, micro PLCs were our best chance. It is a card reader with which the user can swipe the card and get the money instantly.”
According to Mr. Rashid Ali, Micro-ATMs are easy to use and cost effective. “According to a report shared by RBI, online transactions have increased by 20% thanks to micro PLCs,” he added.
Around 4.94 lakh micro-ATMs were set up by banks towards the end of August 2021, and that would be 60.9% more than the previous year. Therefore, the micro ATMs have done a great job in educating the rural population about banking services and online transaction facilities by reaching the rural population.
“Ezeepay will try to support the government in expanding banking services across the country. We will come up with more plans like micro-ATMs and DDSs to do so,” Ali concluded.