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Business
Government Calls on Banks to Boost Digital Outreach for Financial Inclusion
✍️ Asianet Newsable
🗓 07 Oct 2026, 04:45 AM
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The central government urged banks to expand digital services to bring more people into the formal financial system.
New Delhi – The government has issued a directive urging all scheduled banks to widen their digital outreach as part of a broader push for financial inclusion. Officials said the move aims to bring unbanked and under‑banked citizens into the formal banking fold through mobile and internet‑based services.
The call comes amid growing recognition that digital channels can lower transaction costs, improve access in remote areas, and support government schemes that rely on direct benefit transfers. By extending digital platforms, banks are expected to reach a larger segment of the population that still lacks basic banking facilities.
Banking regulators are expected to work with commercial banks to develop user‑friendly applications, promote biometric authentication, and enhance network connectivity in underserved regions. The government will monitor progress and may tie compliance to future policy incentives.
The call comes amid growing recognition that digital channels can lower transaction costs, improve access in remote areas, and support government schemes that rely on direct benefit transfers. By extending digital platforms, banks are expected to reach a larger segment of the population that still lacks basic banking facilities.
Banking regulators are expected to work with commercial banks to develop user‑friendly applications, promote biometric authentication, and enhance network connectivity in underserved regions. The government will monitor progress and may tie compliance to future policy incentives.