educratsweb logo

Robust Digital Financial Infra Key to Successful Direct Transfer of Benefits to Target Groups

NITI Aayog and MicroSave Consulting organised an international webinar on 5 June to discuss and share lessons from India’s successful cash support payments to the most vulnerable during the Covid-19 pandemic.

Panellists for the webinar included NITI Aayog CEO Amitabh Kant; SBI Chairman Rajnish Kumar; CGAP, World Bank, CEO Greta Bull; National Payments Corporation of India (NPCI) CEO Dilip Asbe; and Hari Menon, India Country Director, Bill and Melinda Gates Foundation (BMGF).

Graham Wright, Group Managing Director, MicroSave Consulting, moderated the discussion.

The esteemed group discussed the role of India’s digital financial infrastructure in successfully making direct transfers to targeted groups in a timely manner and making vital financial assistance available to the vulnerable during the ongoing Covid-19 pandemic. This was made possible only due to a robust digital financial infrastructure established over the past five years acting as a model worth replicating by other developing countries. 

A big step towards customer centricity and establishing a direct connection of the government with the people was enabled by the Pradhan Mantri Jan Dhan Yojana (PMJDY), said NITI Aayog CEO Amitabh Kant. The Yojana successfully enabled zero-cost, zero-balance bank accounts. It is equally noteworthy that of the 380 million PMJDY bank accounts opened to date, around 53% are in the names of women.

Technology has been a great enabler, especially in the Aspirational Districts of India, he said. ‘Agents are using computers, mobile phones and micro-ATMs to conduct transactions.’

In April 2020, close to a billion UPI and 403 million AePS transactions were recorded, he said.

BMGF Country Director Hari Menon pointed out that the creation of India’s robust digital infrastructure has not been an overnight process but a sustained effort to lay its foundational layers: building digital infrastructure, targeted G2P transfer initiatives, PFMS linkage and NPCI’s role in enabling digital payments.

India’s decision to adopt a deliberate design choice of building digital infrastructure as a public good has been the key to its success, said CEO CGAP World Bank Greta Bull. She also mentioned three crucial elements for building a robust digital financial infrastructure: digital identity, digital database and digital payment.

SBI Chairman Rajnish Kumar mentioned that as 65% of India’s population have personal bank accounts in public sector banks, the provision of financial services to these citizens during the pandemic was easily facilitated through efficient functioning of 62,000 Bank Mitras.

Looking towards the future, CEO NPCI Dilip Asbe said enabling the One National One Card system is a step in the right direction and we must tread that path while continuing to focus on financial literacy and bolstering cybersecurity.

The panellists also discussed practical insights from rolling out the (emergency) cash support transfers, covering both Cash-in Cash-out (CICO) agents and payment infrastructure, and how countries can build digital financial infrastructure amid the Covid-19 crisis.

The webinar ended with the panellists answering questions sent by invitees and those raised by the online audience. The recording of the webinar is available on

Robust Digital Financial Infra Key to Successful Direct Transfer of Benefits to Target Groups
Contents shared By

Privatisation of Indian Railways - Benefits of private trains explained, Current Affairs 2020 #UPSC #News - Published on Thursday July 9 2020
if you have any information regarding Job, Study Material or any other information related to career. you can Post your article on our website. Click here to Register & Share your contents.
For Advertisment or any query email us at

1 Simba Movie trailer Download | Talented India 
2 RRB Group C: Link for refund active, websites to claim
3 First arrest under GST by Karnataka tax department; trader held for issuing bogus invoices
4 Amazon Great Indian Festival Diwali Special sale from 2nd-5th Nov
5 CBSE to increase questions with internal choice in class 10, 12 board exams 2019
6 EPMUY 2 scheme launched
7 Share your ideas for PM Narendra Modi 51st Mann Ki Baat on 30th December 2018
9 Bihar issues alert over bird flu outbreak, begins inspection of poultry farms, disinfection measures
10 Mann Ki Baat 2.0 | Programme on All India Radio (30.06.2019)
11 आरबीआई दे रहा नौकरी का सुनहरा मौका
12 Chief Minister, Himachal Pradesh Launches Mobile App for Drug Free Himachal
13 RRB recruitment exams to be conducted in 13 regional languages
14 Govt launches Jal Shakti Abhiyan for water conservation
15 Govt launches Jal Shakti Abhiyan to create awareness on water conservation
16 UIDAI Stops Digital Wallets
17 Special status ends: J&K now a Union Territory with Assembly; Ladakh a separate UT
19 शिवराज का मप्र की राजनीति से अध्याय खत्म
20 PhonePe Scratch Card Offers - Chance to Earn Rs. 1000 Per Money Transfer
21 Me Too movement
22 World Computer Literacy Day - December  02
23 IPL auction: Learn base price of players
24 CG Vyapam Recruitment 2019 : कई पदों पर भर्तियां
25 TCS switches to online test to recruit engineering graduates
26 Google deletes 22 Android apps with hidden virus, check this list to see and ensure they are not in your phone
27 Prime Minister Shri Narendra Modi will be holding the 5th meeting with State Chief Ministers via video-conference on 11th May, 2020 at 3 PM.
28 Central contractual employees to get paid like regular staff: Report
29 MHA Order Dt. 1.5.2020 to extend Lockdown period for 2 weeks w.e.f. 4.5.2020 with new guidelines
30 Success of Digital India Initiatives a Hope for Poor and Developing Countries: Secretary General of the Commonwealth
31 Get the help to Find Land or Bhu Naksha UP by Digital Portal
32 How to Achieve the Common Core with Tech: Writing Strand
33 >Mann Ki Baat Highlights: PM मोदी को उम्मीद- अगले 'मन की बात' तक दुनिया में कोरोना से राहत की ख़बर आए
34 राष्ट्रीय स्वास्थ्य मिशन उत्तर प्रदेश भर्ती 2020
35 उन्नत भारत अभियान योजना 2020 का दूसरा संस्करण
36 Result of General Assembly Elections of Jharkhand - Dec 2019
37 Shri Arjun Munda launches tribes India products on GeM and new website of TRIFED through video conference
38 Ek Bharat Shrestha Bharat: National Integration Camp being held in Mandya district of Karnataka
39 कोरोना संकट के बीच केंद्र सरकार का फैसला जुलाई 2021 तक नहीं बढ़ेगा केंद्रीय कर्मचारियों का डीए
40 हाउसिंग अफेयर्स रियल एस्टेट पोर्टल 2020
41 Aadhaar, voter ID card, passport not proof of citizenship: Government officials
42 Text of PM's address to the nation
43 List of Holidays - 2020: Gazetted Leave - Central Government Employees Calendar
44 Modi govt launches PM CARES Fund! Donate to help India fight Covid-19, get tax-benefit too
45 Appeal to generously donate to Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)
46 CAIT to launch national e-commerce marketplace Bharatmarket for retail traders
47 MHA issues Consolidated Revised Guidelines for the Containment of COVID-19 epidemic in the Country
48 Check Pradhanmantri UP Berojgar Bhatta Yojana 2020
49 English Rendering of Prime Minister Shri Narendra Modi’s Address to the Nation on 12.5.2020
50 On directions of the Prime Minister, Home Ministry approves release of Rs 11,092 crores under State Disaster Risk Management Fund to All States
We would love to hear your thoughts, concerns or problems with anything so we can improve our website ! visit and submit your valuable feedback.
Save this page as PDF | Recommend to your Friends

http://educratsweb(dot)com educratsweb