He further said, interventions by the likes of Google, WhatsApp, and Facebook are changing the way transaction banking, including small value lending and P2P lending, is done in India.
Kumar said, the direct benefit transfers under the Pradhan Mantri Garib Kalyan Yojna, wherein Rs 500 was to be transferred to as many as 120 million women’s Jan Dhan bank accounts happened smoothly because of the capability which the banks
have developed to handle DBTs and the critical role played by bank mitras, helped by technological interventions.
alone has 22,000 branches and 62,000 customer service points managed by the bank mitras.
The path ahead for institutions, Kumar said, lies in end to end digital onboarding of customers through pre-approval, e-sign, video-KYC. Advanced analytics-driven underwriting is going to help credit worthy customers meet their needs.