Digital financial services enabled by emerging technologies are accelerating financial inclusion, the Economic Survey 2022-23 said. The Survey said the introduction of Central Bank Digital Currency (CBDC) will provide a boost to digital financial services by laying the framework for "another generation of financial innovation". "Digital financial services enabled by emerging technologies and innovative solutions are accelerating financial inclusion, democratising access, and spurring the personalisation of products," the Economic Survey, which was tabled in the Parliament on Tuesday, said. Read | Economic Survey 2023 calls for simpler tax rules to bring startups back to India "With a strong foundation provided by the Jan Dhan-Aadhaar-Mobile (JAM) trinity , UPI, and other regulatory frameworks, the pandemic has aided acceleration in digital adoption and provided a fillip to digital financial services solutions by banks, NBFCs, insurers as well as fintech. The pandemic provided the opportunity for fintech companies to reach the underserved and provide cost-effective financial services to those at the bottom of the pyramid," it added. The Survey pointed out that issuance of CBDC in India offered several benefits including reduction in operational costs involved in physical cash management, fostering financial inclusion, bringing resilience, efficiency, and innovation in the payments system, boosting… Read full this story
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