Adhil Shetty On Digital Initiatives Of Government

By : 19-Dec-2016
Adhil Shetty, CEO of BankBazaar.com

Adhil Shetty, CEO of BankBazaar.com opines that the eKYC allowance of RBI to use OTP for account opening and loans processing is a giant leap towards digitising finance in India. Through this OTP based Aadhaar e-KYC process, customers need not go to banks physically and can process their loans and account openings on the online using their mobile phones. This new process in loan processing and account opening benefits both banks and consumers, in not only simplifying the procedures involved, but also helps in offering more security and also reduces operating costs through paperwork.

Talking about the various incentives offered by the government to promote digital payments in India, Adhil said these initiatives will further attract those people who are not aware of digital, attracted to financial incentives. Since these incentives are awarded to the people, who are involved in higher number of transactions at low values, more people will be attracted to go digital in their transactions.

Speaking about the rural India that is more of cash intensive, he told that by going digital, the people in rural areas will come to know about the various other financial products like insurance, overdraft, mutual funds and such other, available for them in the market and help them understand about these easily and quickly.

He also said that the Digital Payment agenda and Aadhaar based transactions will help more and more customers in getting to know about the various financial resources available for them to deal with. This process in online is much more beneficial to the customers than on offline, as customers have at their disposal the facility of accessing a lot of information related to various financial products that the banks offer to them.

He concludes therefore that the demonetisation initiative and resolution to bring cashless transactions into the country would offer an opportunity for the nation to achieve financial inclusion through bringing unreached and marginalized millions of Indians into the formal banking system.

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