Tag: financial inclusion in India

India’s digital payments landscape has transformed dramatically over the past five years. This report, published in collaboration with the National Payments Corporation of India, provides a detailed outlook on India’s journey of digital payments, factors affecting the adoption of digital payments among the LMI segment, and products that have revolutionized the space.

Digital payments in India have grown phenomenally in the past decade. This report highlights how digital payments in the country grew and charts the path ahead. We look at the journey of digital payments in India, major events and entities that contributed to it, and products that revolutionized the digital payments space. We also identify barriers to the digital payments sector and analyze the future of digital financial inclusion through payments for the low- and moderate-income segments in India.

India Post Payments Bank is one of the most successful payments banks in India. Its collaboration model has created a positive impact to bridge the financial inclusion gap. This blog offers lessons for financial institutions across the globe that want to build robust strategies, launch new lines of pro-poor products, and unlock efficiencies in distribution through capacity-building initiatives.

MSC collaborated with the Reserve Bank Innovation Hub (RBIH) to publish a whitepaper on “Gender and Finance in India” for its Swanari program. The paper discusses the current landscape of gender and finance in India. It highlights the critical gender gaps in women’s access to and usage of financial services. The whitepaper also shares some good practices and core enablers for closing the gender gap in financial inclusion.

Lakshya is a digital savings platform that provides access to formal savings and insurance to low- and middle-income (LMI) segments in India. It promotes the uptake of formal financial services and financial health within the community. This blog explores the journey of Lakshya and the positive impact it hopes to create within LMI segments.

The network of business correspondents (BCs) has evolved into the backbone of financial inclusion in rural India. However, it continues to face challenges, which were further aggravated during the COVID-19 pandemic. This blog highlights three key issues that hinder the sustainability of the BC model.