The Reserve Bank of India (RBI) has launched several initiatives to boost financial awareness, inclusion, and digitalisation and help stop cybercrimes. These steps have immensely benefited the country’s banking industry by enabling it to provide better products, enhance transparency and public confidence, and allow financial services to reach more people nationwide.

Here are some government initiatives that helped increase digitalisation and financial inclusion:

Also Read: Five Technologies That Changed People’s Banking Habits In India

UPI

UPI, or Unified Payments Interface, is a real-time payment system created by the National Payments Council of India (NPCI) that allows interoperable transactions across several bank accounts using only one smartphone application. The government and RBI have marketed UPI as a practical and safe method of making online payments.

CBDC

Under the CBDC Retail (CBDC-R) pilot programme, person-to-person (P2P) and person-to-merchant (P2M) transactions are currently possible, utilising digital rupee wallets provided by participating banks. To allow more use cases, offline features and programmability are now suggested. Thanks to programmability, users such as government agencies will be able to guarantee that defined benefit payments are made.

BHIM 

The National Payments Corporation of India (NPCI) and the RBI created the smartphone app BHIM. It allows mobile phones to perform rapid, safe, and cashless transactions. The government has aggressively pushed BHIM’s adoption through awareness-raising efforts and financial incentives.

Also Read: How Can Senior Citizens Benefit From SANKALP Portal?

Cashless India Initiative

Several programs have been introduced to encourage digital payments in keeping with the government’s goal of a “less-cash” or “cashless” economy. These include cashback incentives, discounts on digital purchases, and incentives for retailers to take digital payments.

Digital India Campaign

The goal of the government’s “Digital India” initiative is to make India a knowledge economy and society enabled by technology. As part of this strategy, awareness campaigns have been carried out nationwide to encourage the use of digital payments.

As government institutions are working towards digitalising the banking sector, it is also the responsibility of the citizens to familiarise themselves with the technology for their own financial safety. Financial inclusion and awareness should be one of your priorities. Evolution and personal growth go hand in hand to be entirely developed.