Mr. V Ratnakar, Associate Vice President, National Payments Corporation of India pinpoints India’s achievements on the Financial Inclusion

Mr. V Ratnakar addressed the budding rural managers of the KIIT University School of Rural Management on 20 March 2017. He vividly brought out the virtues of the demonetization and efforts taken by the Government of India for financial inclusion. He highlighted India’s achievements in terms of being a pioneer in launching Immediate Payment Service (IMPS), RuPay, Bharat Interface for Money (BHIM) and biometric based Aadhaar. He pointed out that many of these achievements are unique in the world as no other country has taken efforts of such magnitude and coverage. Dwelling on the recent initiatives on demonetization, he mentioned that Rupees 15 lakh crores have been deposited in the banks.

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He was of the opinion that the increasing number of mobile phones particularly the smart and feature phones have the potential to facilitate the financial inclusion once the procedures are simplified. Listing out the government’s efforts towards sustaining and increasing the digital transactions, he stated that every digital financial transaction is included for selecting daily 15,000 winners of Rs.1,000 each for 100 days. Those who are undertaking digital payments through RuRay cards, UPI, AEPS and USSD between Rs 50 and Rs 3,000 will be eligible for awards. He informed that mega awards, in both the categories of consumers and merchants, will be declared on the occasion on the birth anniversary of Dr Bhimrao Ambedkar. Under this mega award, consumers can win prize worth Rs 1 crore.

With regard to challenges for increasing the digital transactions, he cited efforts towards paperless, friction less and inter-operable systems. He identified improving the digital literacy as an essential condition for achieving greater success in digital transactions. He suggested to the budding rural mangers to spread the knowledge about the benefits of digital transactions and also think of strengthening the enabling environment.