Since its inception in 2016, the Unified Payments Interface (UPI) has revolutionized India’s digital payment ecosystem, experiencing exponential growth over the past five years. In 2019, UPI accounted for 34% of the country’s digital transactions; by 2024, this figure had surged to
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The Ministry of Finance is exploring a proposal to implement geotagging for all banking correspondents (BCs) across the country. This initiative aims to enhance the efficiency of financial inclusion efforts, ensuring better access to banking services in underserved areas. Enhancing Financial Inclusion Geotagging involves attaching geographical information to the locations
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Microfinance institutions (MFIs) in India are appealing to the Reserve Bank of India (RBI) to relax certain regulatory norms that they believe are hindering their operations and growth. This request comes amid challenges faced by the sector in extending credit to underserved populations. Key Concerns Raised by MFIs Stringent Capital Adequacy Requirements: MFIs argue that