Fintech-NBFC ties can boost inclusion
Financial inclusion is undoubtedly one of the most critical drivers of economic progress, and is essential for our country to develop into a burgeoning economy. The government is creating a robust ecosystem to cater to the under-served. Key initiatives such as the Jan Dhan Yojana, Pradhan Mantri Mudra Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, and Atal Pension Yojana have enabled the masses to have bank accounts, get insurance protection, pensions and loans. Also, simplification of procedures for acquiring PAN, unique identification (Aadhaar), uncomplicated tax procedures through GST along with Digital India have contributed significantly to the country’s financial inclusion objective.