Government Urges Banks to Enhance Digital Infrastructure for Financial Inclusion
Banks asked to expand digital infra for last-mile reach
The Economic Times
Image: The Economic Times
The Indian government has directed banks to improve their digital banking infrastructure, particularly in rural areas, to enhance financial inclusion. Financial services secretary M Nagaraju emphasized collaboration with state governments to address connectivity challenges during a review meeting with public and private sector banks.
- 01Government emphasizes the need for banks to enhance digital infrastructure.
- 02Focus on last-mile reach in rural areas, particularly in northeastern states.
- 03Collaboration with state governments is essential for resolving connectivity issues.
- 04Strategies for achieving financial inclusion goals for FY 2026-27 were discussed.
- 05Assisted modes and vernacular language support are key components.
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The Indian government has urged banks to improve their digital banking infrastructure to ensure financial services reach the last mile, especially in rural areas. During a review meeting on financial inclusion schemes, Financial Services Secretary M Nagaraju highlighted the need for banks to complement their physical branches with digital solutions, including assisted modes and vernacular language options. He specifically pointed out the importance of expanding banking networks in villages identified for branch expansion, particularly in the northeastern states of India. Nagaraju also called for collaboration with state governments and state-level bankers committees to tackle infrastructure and network connectivity issues. The meeting focused on strategies to achieve the financial inclusion goals set for the fiscal year 2026-27.
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Improving digital banking infrastructure will facilitate access to financial services for rural populations, potentially increasing economic opportunities.
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