The initiative aims to provide financial support to non-profit organizations, educational institutions, or social startups for addressing developmental gaps.

The report states that financial inclusion policies have a multiplier effect on economic growth.

The Financial Inclusion Index has been conceptualized as a comprehensive index incorporating details of banking, investments, insurance, postal, and the pension sector in consultation with government and respective sectoral regulators.

IMF’s financial access survey for 2020 said the number of registered mobile money accounts per thousand adults jumped from 73 in 2015 to 1,265 in 2019.

Overall, remittances to the Asia-Pacific region will drop 12 percent in the second half of 2020 compared with the same period last year, Fitch Ratings says.

The household survey will also capture remittance risks to the rural economy until the pandemic is contained.

Mobile-based payments will be resilient and overtake card payments in India, with the covid-19-induced economic slowdown likely to put a pause on the rapid rise of cashless payments in 2020.

Paytm has expanded Paytm Postpaid facility to offline retail outlets and neighborhood kirana shops.

Digital lenders are seeking guidelines for full digitization and allowing eKYC and eSign mandates.