As part of its program to facilitate exposure visits to India for governments across the globe, MSC has documented India’s journey towards financial inclusion and digital governance.
The first four modules of this series were Aadhaar, PMJDY, Digital Governance, and PFMS. The fifth and last module is Agent Networks.
Public Financial Management System Ideas and lessons from India
As part of its program to facilitate exposure visits to India for governments across the globe, MSC has documented India’s journey towards financial inclusion and digital governance. The first three modules of this series were Aadhaar, PMJDY, and Digital Governance. The fourth module of this series is on Public Financial Management System (PFMS).
Financial inclusion in India received a huge boost, thanks to the PMJDY program, Aadhaar, and the expansion of mobile connectivity throughout the country; but the real catalyst is the country’s digital benefits transfer program.
Finlok is a financial platform that helps people save money and avail hassle-free credit through a group savings-based financial model. This blog explores how the platform will help the low- and middle-income segments gain greater control over their finances.
The first assessment (Wave-I) was conducted in November and December 2014 across 41 districts in 9 states, wherein a total of 2,039 BM locations and 8,789 beneficiaries were surveyed. BMs were assessed on dimensions such as availability, transaction readiness, dormancy, branding of outlets, number of transactions etc. The customers were asked questions about their experience on aspects such as first bank account under PMJDY, receipt of RuPay card and availability of Aadhaar and its linkage in PMJDY account.