: NITI AayogMastercard report launched on Roadmap for a Digitally Inclusive Bharat #FinanceIndia #StockMarketNEWS NITI Aayog-Mastercard report launched on Roadmap for a Digitally Inclusive Bharat New

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NITI AayogMastercard report launched on Roadmap for a Digitally Inclusive Bharat #FinanceIndia #StockMarketNEWS
NITI Aayog-Mastercard report launched on Roadmap for a Digitally Inclusive Bharat New Delhi, May 11 (KNN) NITI Aayog and Mastercard has released a report titled ‘Connected Commerce: Creating a Roadmap for a Digitally Inclusive Bharat’ which identifies challenges in accelerating digital financial inclusion in India and provides recommendations for making digital services accessible to its 1. 3 billion citizens.

The report was released by NITI Aayog’s Vice Chairman Dr Rajiv Kumar, CEO Amitabh Kant, and Ajit Pai, Distinguished Expert and Head, Economics and Finance Cell, along with Ravi Aurora, Senior Vice President and Group Head, Global Community Relations, Mastercard.

According to an official statement on Monday, based on five roundtable discussions held in October and November 2020, the report highlights key issues and opportunities with inferences and recommendations on policy and capacity building across agriculture, small business (MSMEs), urban mobility and cyber security.

Experts from the government, banking sector, the financial regulator, fintech enterprises, and various ecosystem innovators participated in the discussions led by NITI Aayog and supported by Mastercard.

NITI Aayog was a knowledge partner in this endeavour. The series of workshops and the outcome report were curated by business advisory firm FTI Consulting. The report reflects the discussions held during the roundtables.

In his opening remarks, Dr Rajiv Kumar, Vice Chairman, NITI Aayog, said, “Technology has been transformational, providing greater and easier access to financial services. India is seeing an increasing digitization of financial services, with consumers shifting from cash to cards, wallets, apps, and UPI. This report looks at some key sectors and areas that need digital disruptions to bring financial services to everyone. ”

The key recommendations in the report include strengthening the payment infrastructure to promote a level playing field for Non-Banking Financial Companies (NBFCs) and banks and digitizing registration and compliance processes and diversifying credit sources to enable growth opportunities for Micro, Small and Medium Enterprises. It also includes building information-sharing systems and ensuring that online digital commerce platforms carry warnings to consumers about the risk of frauds.

“In the post-Covid era, building resilient systems and encouraging business models that could be change-makers of the future are crucial,” said Amitabh Kant, CEO of NITI Aayog.

“India is emerging as the hub of digital financial services globally, with solutions like UPI growing tremendously and being hailed as instrumental in bringing affordable digital payment solutions to the last mile.