Multiple jobs through Jan Dhan

Tags: Banking

The RBI in 2015 licensed 23 new banks

In a bid to save on subsidies reaching the rich, root out corruption and ensure efficient use of resources, the centre proposes to extend direct benefit transfers (DBT) to fertilisers, government schemes like rural job guarantee schemes, kerosene and food in phases through Jan Dhan bank accounts, Aadhar cards and mobile money (JAM) network.

The centre may expand DBT to sell fertilisers at below market rates to farmers, disburse rural job guarantee funds and cash outgohave a bank within 5 km. To partly help address this problem, the RBI in 2015 licensed 23 new banks. But the job is far from over. India should take advantage of its deep mobile penetration and agent networks by making greater use of mobile payments technology. Mobiles can not only transfer money quickly and securely, but also improve the quality and convenience of service delivery.

Experts agree. Says Sucharita Mukherjee, CEO, IFMR Holdings, “With commendable levels of coverage, Jccounts and Aadhaar authentication techniques can revolutionise payments for all by providing a reliable and leak-proof channel for receipts and payments. Widespread adoption will now depend on making these services user-friendly and meaningful to the context of the customer. Additionally, all loans can be linked to Aadhaar, providing an effective tool to overcome loopholes caused by multiple KYC IDs.”

Alternately, examining models like biometrically authenticated physical update (o build a robust mobile money network reaching out to the poorest and the rural regions, where no other means of financial/banking services model is feasible,” he added.

Naveen Surya, managing director, ItzCash feels that enhanced mobile payments technology along with 4G introduction will prove to be a game changer for financial inclusion. “Leveraging technology as the key enabler is extremely crucial to ensure that initiatives under financial inclusion are scalable, serof cooking gas after the subsidy was disbursed through the DBT. The survey has recommended investment in banking correspondents’ networks and promotes mobile money transfers to provide infrastructure backbone for financial inclusion.


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