Financial Inclusion Initiatives with Fintech Collaboration in India
The Indian government and regulators have actively collaborated with Fintech companies to promote financial inclusion, reaching underserved populations and providing access to essential financial services.
Let's explore some specific initiatives:
1. PMJDY (Pradhan Mantri Jan Dhan Yojana): This government-led initiative aimed to provide universal access to banking services by opening bank accounts for the unbanked population. Fintech companies played a crucial role in enabling account opening through mobile wallets and online platforms, reaching remote areas and simplifying the process.
2. Aadhaar Enabled Payment System (AEPS): AEPS allows individuals to use their Aadhaar biometric authentication to access their bank accounts and make financial transactions. Fintech companies...