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'India needs to increase digital literacy'. Unsplash

As the adoption of digital payments grows across the country, there is a need to further improve digital and financial literacy, said Karanraj Chaudri, Advisor, Social Impact Investments at United Nations Development Programme (UNDP) for India and South-Asia.

He noted that the Government of India (GoI) has undertaken various measures including developments such as cash transfers by the government through Pradhan Mantri Jan Dhan Yojna (PMDY) accounts for COVID relief which may nudge higher levels of engagement with formal bank accounts.


“However, the challenge now is to ensure regular use of these accounts, by helping account holders bridge gaps in financial and digital literacy,” Chaudri said.

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Noting that Indians are gradually accepting digital payment as a major way of payment, he said: “As the financial services sector in India becomes increasingly competitive to offer financial products to under-served populations, there is a need to further improve financial and digital literacy outcomes to not only ensure the uptake of these services but also to help new consumers make the best use of these services as per their needs,” he said.”

Chaudri was of the there is an opportunity for more innovation to create payment solutions and products that are suited to the BoP segment, many of whom are first time users.


“Digital India initiative has also enabled the availability of smartphones and internet in remote rural areas of India. Pixabay

“This includes domestic migrants that are heavily dependent upon transparent and affordable channels for remittances. Some business models in the fintech/payments space appear to have struggled because their services do not meet the needs of the largely under-served vernacular market,” he said.

Want to read more in Hindi? Checkout: घरेलू लघु वीडियो मोज एप के 10 करोड़ से भी अधिक यूजर्स

According to the SDG Investor Map for India ‘Agent Network Management’ (ANM) services can allow a human interface to onboard, assist in transactions, and handhold the transition to digital channels for financial transactions.

These agents play a pivotal role in extending financial services in under-served regions with limited banking infrastructure and also handhold customers with low digital and financial literacy to conduct financial transactions, he said.

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“Digital India initiative has also enabled the availability of smartphones and internet in remote rural areas of India. This can help in strengthening the scalability of digital platforms that service remote areas,” Chaudri said. (IANS)


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Rihanna was summoned from her seat to accept the honour, with the Prime Minister.

Singer Rihanna was honoured by Prime Minister Mia Mottley at an event which marked Barbados's new status as a republic, which was attended by Prince Charles. Addressing the pop star by her real name, the PM said: "Robyn Rihanna Fenty tomorrow morning shall have conferred upon her the order of national hero of Barbados."

Rihanna was then summoned from her seat to accept the honor, with the Prime Minister managing to rouse a laugh from the singer when she referenced her 2012 hit 'Diamonds', reports femalefirst.co.uk. She added: "On behalf of a grateful nation, but an even prouder people, we therefore present to you, the designee, for the national hero of Barbados." "And to accept on behalf of a grateful nation - you can come my dear - ambassador Robyn Rihanna Fenty, may you continue to shine like a diamond and bring honor to your nation." Rihanna, who was born in the St Michael parish of Barbados, found fame in 2005 after being spotted by a record producer and has since gone on to become one of the most successful female artists of all time with sales of over 250 million and recently reached billionaire status through her Fenty beauty brand.

The Prime Minister continued in her speech: "Commanding the imagination of the world through the pursuit of excellence, her creativity, her discipline, and above all else, her extraordinary commitment to the land of her birth. "Having satisfied that, Ambassador Robyn Rihanna Fenty has given service to Barbados which has been exemplified by visionary and pioneering leadership, extraordinary achievement and the attaining of the highest excellence to the Government of Barbados." It comes after a historic move for Barbados, which has become a republic after almost 400 years and welcomes its first president, Sandra Mason, after removing Queen Elizabeth as head of state. (IANS/ MBI)


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