Published on 12/01/2018 9:09:23 AM | Source: Dion Global Solutions Ltd

Financial inclusion: Niti pitches for district-level mechanism

Posted in Economy News| #Economy #NITI Aayog

The Niti Aayog has made a case for setting up an effective enforcement mechanism at the district level to promote financial inclusion, reported PTI. In its presentation made at the conference on transformation of aspirational districts last week, it suggested the creation of a fixed regulatory framework for QR codes. The government think-tank said there should be zero charges for transfer to accounts through BHIM/UPI.

Financial inclusion requires an effective enforcement mechanism at the district level, according to the presentation which was released today. To promote digital transaction, it also suggested citizen-government transactions through digital means only and ensuring each panchayat becomes a 'digital panchayat' that has an ATM/banking correspondent. 
The presentation noted that tremendous progress in the field of digital payments and Post Office Payments Bank will provide last mile connectivity and can be a game-changer. Increasing awareness and financial literacy is required and there is also need to increase ratio of settlement against claims, it added.