That whoosh you hear is of India’s 1.3 billion people speeding along into the decidedly digital age of the future. And it shows in the 3 billion transactions about to be logged by IndiaStack, the open source initiative to help businesses develop a unified software platform, on the back of the rollout of the Goods and Services Tax (GST) and last year’s demonetisation drive.
The Right to Privacy is now a fundamental right. A nine-judge bench of the Supreme Court pronounced this verdict on Thursday morning. It was a unanimous decision with all the nine judges in favour of the Right to Privacy. The constitutional bench headed by Chief Justice JS Khehar ruled that “right to privacy is an intrinsic part of Right to Life and Personal Liberty under Article 21 and entire Part III of the Constitution.”
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.