For banks and other financial services providers one big challenge is to deliver accessible and affordable services to people in rural India. The country has 640,867 villages, with more than 830 million people living in them. Some of these villages lie in places that are not connected through public transport.
Paytm, the country’s largest digital payments company, which also has a payment banks licence, plans to use mobiles as a gateway to deliver financial services to people in these places.
“Collecting tonnes of data that gives banks the confidence to lend money to villages will take time. This has not happened before,” said Sanchit Vir Gogia, Chief Analyst and CEO at Greyhound Research.
Source: Hindustan Times