Government to expand banking services in India; MJ Digital Services Private limited (Ezeepay) lends individual support

In the last decade, India has walked the digitalization lane, and many things have changed in the country - banking to begin with. The government is judicially trying to improve the banking sector by providing banking on the doorstep of all the citizens - rural and urban population.

Nirmala Sitharaman, Finance Minister, India, recently shared that the government aims to open 75 digital banking units in 75 districts.

According to the Minister, India has witnessed a growth in digital banking and payments. In the attempt to expand banking services in the country, the government will also connect all the 1.5 lakh post offices to the core banking system by 2023. This would help achieve financial inclusion and access to baking facilities like net banking, mobile banking, and ATMs.

Shaking hands with the government's attempt to expand banking services in India, Ezeepay will develop many strategies soon.

"By announcing Pradhan Mantri Jan Dhan Yojana as the National Mission on Financial Inclusion in 2014 to emphasizing the need for digital banking in the Budget 2022, the present government is making many efforts to make India a financially-abled nation. The measures are to create awareness, availability, and accessibility in digital banking nationwide," Mr. Rashid Ali, Managing Director, MJ Digital Services Private limited (Ezeepay).

Mr. Rashid Ali believes that the budget for 2022 favours all the government's previous initiatives to strengthen the banking base.

Ezeepay started by setting up micro ATMs in rural areas to work on these lines. "To normalize the use of technology among the rural population, Micro ATMs were our best shot. It is a card swiping machine with which the user can swipe the card and get the money instantly."

According to Mr. Rashid Ali, Micro-ATMs is easy to use and cost-effective. "As per a report shared by RBI, online transactions increased by 20% due to micro-ATMs," he added.

Around 4.94 lakh micro-ATMs were set up by the banks towards the end of August 2021, and it was reported to be 60.9% more than the previous year. Therefore, micro-ATMs have done an excellent job educating the rural population about banking services and online transaction facilities by reaching the rural population.

"Ezeepay will attempt to support the government in expanding banking services around the nation. We will be coming up with more plans like micro-ATMs and DDS to do so," Mr. Ali concluded.