The RBI said the issuance of payment bank licence would be a game changer in the realm of remittances and bill payments with potential collaborations between telecom companies and banks. Speaking at the ninth edition of the Confederation of Indian Industry’s (CII) “Banking Tech Summit”, Reserve Bank of India’s Deputy Governor H.R. Khan said the summit is happening at an apt time after the recent “Gyan Sangam” held in Pune that emphasised on using and liberalising technology in banking , says a report by Times News Bureau.
Connecting Aadhaar cards under the Jan Dhan Yojana will be the solution going forward for financial inclusion as it can facilitate the service of 120 million cards, added Khan.
A.P. Hota, MD and CEO of NPCI, said that universalisation of access in banking can be achieved by digitization. He added that currently 70 to 80 percent of transactions are digitized in public, private and foreign banks.
Hota said NABARD is in the process of digitizing 85 regional rural banks and there are plans to implement digitization in 31 state and 360 plus district cooperative banks.
