NITI Aayog report on digital financial inclusion: Key recomm | Indian Economy -Civil Service Gurukul

NITI Aayog report on digital financial inclusion:


Key recommendations in the report include:

1. Strengthening the payment infrastructure to promote a level playing field for NBFCs and banks.
2. Digitizing registration and compliance processes and diversifying credit sources to enable growth opportunities for MSMEs.
3. Building information sharing systems,including a ‘fraud repository’, and ensuring that online digital commerce platforms carry warnings to alert consumers to the risk of frauds.
4. Enabling agricultural NBFCs to access low-cost capital and deploy a ‘phygital’ (physical + digital) model for achieving better long-term digital outcomes. Digitizing land records will also provide a major boost to the sector.
5. To make city transit seamlessly accessible to all with minimal crowding and queues, leveraging existing smartphones and contactless cards, and aim for an inclusive, interoperable, and fully open system such as that of the London ‘Tube’.

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