Digital Economy Current Affairs - 2020

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RBI launches 5-year Financial Inclusion Strategy

The Reserve Bank of India has launched National Strategy for Financial Inclusion (2019-24). The main motive of the strategy is to provide access to financial services in an affordable manner.

Highlights

The Strategy has been launched after thorough consultation with SEBI (Securities Exchange Board of India), PFRDA (Pension fund Regulatory and Development Authority of India) and also Insurance Regulatory and Development Authority of India (IRDAI). The strategy was launched based on the recommendations of the Financial Inclusion Advisory Committee that worked in consultation with the above agencies.

Key Recommendations

The following are the recommendations included in the strategy

  • The committee has recommended Universal Financial Access. Under this, every village will have formal financial service provider within a radius of 5 km.
  • The committee has recommended for the strengthening of Digital Financial Services to reach a less-cash society by 2022.
  • Every adult registered under Pradhan Mantri Jan Dhan Yojana should be enrolled in pension scheme and insurance scheme
  • The Public Credit Registry shall be made completely operational by March 2022.

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RBI to release Digital Payment Index by July 2020

The Reserve Bank of India announced that it will create a Digital Payment Index by July 2020. The main aim of the index creation is to capture the extent of digitization of monetary payments in the country

Highlights

With the launch of Digital India and the GoI’s push towards Digital Economy, the digital payments in the country has been growing fast. In order to monitor the digital payments, the Central Bank is to release Digital Payment Index. The index will reflect the penetration of digital payments in the country.

RBI has planned to introduce classification in the index. The classification will include rural, urban and semi-urban geographies.

Significance

The Index will help to study the impact of policy interventions that are being taken by the GoI.

Factors influencing digital growth in India

The five factors that are influencing digital growth in India includes low data tariffs, rise in videos, widespread use of OTT (Over-the-top) platforms. Today India ranks the highest in video making platform.

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