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India a Leader in Social Security Digitization, Says World Bank

Digitization has changed the world in countless ways, and India is no exception to this trend. As digitization continues to grow in popularity throughout the country, India’s population has also been demanding more options when it comes to online banking, including mobile banking. To meet the needs of its people, many Indian banks have adopted new technologies like cloud computing and artificial intelligence to provide their customers with better services that make their lives easier. In fact, one recent study found that the World Bank has even gone so far as to say that India has become a leader in ensuring social security through digitization… 

Impact on Banking 

The 75 Digital Banking Units will further financial inclusion & enhance banking experience for citizens. In addition to the benefits of digital banking mentioned above, the new units will also provide:  

  1. Fast and easy account opening.  
  2. 24/7 digital banking services through secure internet and mobile channels.  
  3. Digital payments and funds transfers anytime, anywhere.  
  4. High security standards through biometric authentication systems.  

The World Bank has even gone so far as to say that India has become a leader in ensuring social security through digitization 

Impact on Businesses 

With the 75 Digital Banking Units, financial inclusion will be increased, and security is assured with the biometric devices. They are situated around the nation so that they can offer services to rural areas previously inaccessible to them. 10,000 new jobs have been created by the innovation, and it is projected to serve more than two billion people by 2024. 

Starting this project is important because the new technology will help Indians stay safe and have more opportunities to make a better living, which will be good for all businesses in India. 

Impact on Individuals 

This will help make citizens even more financially included and give them a better experience when it comes to banking services. The units will be equipped with modern technology and offer high-quality services with trained staff. It is projected to provide benefits of digitization to the over 600 million people who are present without access to the formal banking sector. The initiative also aims to promote the use of digital payments among the masses by setting up 100,000 digital payment terminals across the country. The Government has also urged companies in India to go cashless and incentivized the process through tax breaks.  

75 Digital Banking Units will enhance citizen banking experiences and foster financial inclusion. In addition, 100,000 digital payment terminals will be installed across the country as part of the initiative, which aims to promote digital payments with the masses. 

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