Sitharaman said that in recent years, digital banking, digital payments and fintech have grown rapidly in India. She said the government has been encouraging them to ensure that the benefits of digital banking reach every corner of the country in a consumer-friendly manner.
The finance minister also announced that in 2022-23, all 1.5 lakh post offices will be connected to the core banking system, enabling financial inclusion and access to accounts through net banking, mobile banking and ATMs. It will also allow online transfer of funds between post office accounts and bank accounts.
“This will be helpful, especially for farmers and senior citizens in rural areas, enabling interoperability and financial inclusion,” she said.
Sitharaman said the financial support announced for digital payments in the previous budget would continue in 2022-23. “This will encourage further adoption of digital payments. There will also be a focus to promote the use of payment platforms that are economical and user friendly,” she said.
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