The Indian government is working to develop a common national portal that would host various government plans and benefits, protection products, all accessible with one click, said Sanjeev Kaushik, additional secretary of the Ministry of Financial Services.
The Department of Financial Services has been working on a common national portal for various government plans and benefits in which, through a single portal, citizens can access different financial products, different insurance company protection products and different benefit plans in just one click of the button – Sanjeev Kaushik, additional secretary in the financial services department of the Ministry of Finance
Kaushik, who was speaking on “Harnessing digital power to promote financial inclusion” at the Economic Times BFSI’s 3rd Conclave (ETBFSI) also said that at a later stage the government will deploy loans digital. “Not only loans based on guarantees, but also cash loans as well as savings products will be hosted on this unique national platform,” Kaushik said.
FinTech plays an important role in developments: Kaushik
The Additional Secretary said fintech players have provided the government with analysis and tools, with the former having been able to push various financial products through digital platforms.
Besides helping to develop the common portal for financial schemes, Kaushik added that fintechs are also working with the Ministry of Finance in the Aspirational Districts program, Project Kashi (cash-over-internet).
For the Kashi project, he added, the government has launched a pilot project in Varanasi, where it links account holders with various options for online term deposits, recurring deposits and related savings programs. to goals.
Internet cash: Kaushik said the government wanted to conduct a risk-based assessment of cash flows on the accounts of beneficiaries who receive DBT from the government through different programs.
“If you do an estimate of what the inflows and outflows are, then various providers of finance banks and financial institutions are able to tailor and offer loans, low cost loans, maybe 20-25,000 rupees online through digital platforms to these accounts, ”Kaushik says.
‘I want to multiply UPI transactions by 10 in 3 years’
“In 2021, more than 2.25 lakh crore was made through digital platforms and payment services worth over 41 lakh crore rupees. According to UPI, we hit a number of transactions of 200 crore per month, in June of this year. The amount we reached was as much as Rs 5 lakh crore in June. Our goal is to reach 10 times more in the next 3 years. said Kaushik.
Apart from that, Kaushik said, in 2013, only 30% of adults across the country had access to bank accounts and financial services. According to a World Bank report in 2017-18, India’s financial inclusion, measured by the number of adult bank accounts, reached over 70%.
“In less than five years, we’ve actually more than doubled the metrics for financial inclusion, including access to banking services across the country,” Kaushik said.
UPI transaction up 2.1x in July 2021: NPCI data
The value of the transaction on the Unified Payment Interface (UPI) stood at Rs 6.06 lakh crore in July 2021, up 2.1 times from the same month a year earlier, according to data published by the National Payments Corporation of India (NCPI). Overall, transaction volumes increased 2.2 times over the past year to reach 3.24 billion in July. While UPI payment volumes increased 15.4% in July 2021 from the previous month, the value of UPI transactions increased 10.8% from June.
Increase from June: The number of transactions increased by 432.5 million in July, while the total amount of transactions increased by Rs 58,907.8 crore. In the previous month (June 2021), the transaction volume increased by 267.9 million and the transaction amount increased by Rs 56,734.5 crore.
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