Retail and Digital Banking brought significant growth in just half a decade – this matters a lot for Indian Rural Economy!
(This article is unbiased and contains our general thoughts after seeing the below video in social media groups.)
This video really made me to recall a lot of experiences we had just “half a decade” earlier. This is something which made me share this as an article and gave me the confidence that we can make Impossible things Possible even in India by taking a good leadership decision. Good does not depend on whether it is correct or wrong at that point of time, it’s always the decision needs to be good and helpful to public or not.
A good ex-finance administrator of India, saying’s are looked correct when he mentioned few facts of making digital currency in Indian parliament and most of us also thought correct with the experiences and situations of all we have at that era of time. But now the situation is without our knowledge and notice this change happened around us and created the situation that without digital money and digital retailing, people in India cannot think and recent PayTm IPO is the biggest success in Indian history, this is good enough to substantiate the digital money thoughts in public as a reliability.
100 Billion Transactions in a month is big and is possible only with rural India participation. Now even rural India is thinking about the value of time like urban population and for a villager going to the bank and withdrawing amount is big challenge of transport and security. Availability of ATM’s and cash availability is bigger challenge now a days for the demand.
Digital money and eCommerce demand in India opened up lot of business opportunities for startups and and tasting success. And created employment opportunities for rural educated public, which is good sign for Indian economy. To become developed country from developing country rural economy growth is very crucial. If digital India and digital retail (eCommerce) is aligned with rural India along with agriculture and rural horticulture products, good guess could be in no time we can compete easily with developed markets globally. Farmer’s new policies need to be aligned with the digital India programs like GEM PORTAL etc. and also banking needs focusing in rural development to be in-line with recent developments in the markets specially farmers co-operative banks and other farmers aligned financial institutions.
Here banking is not only ATM’s or its branches to withdraw and deposits money. In rural areas, which already has a good number of players in the market to provide financial services (Financial Inclusions – AEPS, MATM, DMT, BBPS, Etc.) in tie-up with banks as part of Digital India program. Banking need to focus on independent funding products to these programs, which will help farmers production reach to direct clients globally, rather simply focus on funding crop production with the help of government programs.
Like digital money is termed as a success with 100 billion transactions in month, However, India will be termed as a developed country once we see the 100 billion business transactions to rural areas of India from global destinations.
Madhu Alluri
