The Financial Inclusion index of the RBI has suggested that India is on the right path towards including the population in economic activities.

Efforts Transformative Capacity: 1) Welfare to be targeted eg: JAM trinity → Jambhaar → Aadhar → Monetary benefit 2) Increased digital literacy → Increasing from 10% 3) Resolves sufficiencies in banking system eg: BAANKNET portal by RBI for auction 4) Recognising beneficiaries and direct payment 5) Easier provision of financial services eg: OCEN for markets - ULIN for credit access - BHIMUPI for payment Challenges that are fastest: 1) Low financial literacy → (10%) 2) Lack of penetration of fintech in rural areas 3) Problems of internet connectivity and branch presence 4) Absence of customer-friendly interface → Way forward → RBI's 3 step Policy - Financial Literacy - Inclusive Policy - Consumer Trust Financial Inclusion will be a gamechanger in India's growth story, as can already be seen with popularity of online bank app, UPI, etc.

— ADITYA TALWAR · AIR 270