Digital transformation of the financial sector in India

Created at: 2022-07-22

After the central election of 2014 when the Modi government came into power from that time the central government continuously trying to make a way for digital transactions in India. In 2021 if we see the history of central government action for digital transformation of the financial sector in India then we find out that there are multiple processes that occur to make India strong in terms of digital financial ability, some of the most important steps of the central government are described below –

1. Aadhar Pan Linking - From 1st of July 2017 the central government make a move to connect Aadhar Card and Pan Card which helps the government to know about the ITR filing data of a particular person with its biometric detail like eye retina, fingerprints etc., in other words, this process digitalize the data of ITR Filling.

2. Demonetization - On 8th of November 2016 Prime minister Narendra Modi introduce Demonetization in India, In this Demonetization prime minister announced that the old note of 500 and 1000 Rupees will no longer have legal tender and the government of India is going to introduce a new currency, this not directly related to Digital transformation of financial sector in India but it provides one of the biggest boost in terms of digital transactions in India, the main reason behind this boost is there is no new currency available at the time of demonetization, At the time of this process the government of India wants this process to be totally secret that's why they didn't print the notes before its announcement due to which there will be a lack of legal money in the market that's why people moves towards the facility of digital transaction with the help of IFSC Code, MICR Code, Paytm and other platform and process in that time government also introduce a platform like BHIM UPI which allows people to transfer the money at ease.

3. Aadhar and Pan Compulsory for Bank Account - The guidelines of the central government regarding the account opening in Bank is added with the mandatory process of Aadhar and Pan Card link of an individual which also makes a great impact on the digital transformation of the financial sector this process helps people to borrow or deposit their money with the biometric details of Aadhar Card, And the process of deposit and borrowing the money can be done by any trained individual which also lowers the load of the banking system.

So, these are three major government processes in my view to make India digitally strong in terms of the financial sector although there are many steps taken by the government to digitalize the financial sector, Right now we can also make an easy IMPS, RTGS and NEFT for our needs. If you are looking for details like Bank IFSC Code, MICR Code, Bank Toll-Free Number etc then you can effortlessly find out details like these on our website "Search Bank IFSC Code".