 Okay, hi friends, we go for April month the original and that we are going to see the topics fintech beyond boundaries, digital identity, fintech revolution, artificial intelligence in financial sector, rural banking and financial services. So in this first article is fintech beyond boundaries. So before going to this concept of fintech, fintech expansion is financial technologies. So first we need to understand the term technology and how it is important for our society. So technology is mostly driven based on innovation, innovation products or process, all we call it as the major driver of technology and we can see that since our independence technology has played a major role in our development of society, either it can be social or economic development technology played a major role in it. To give you instance of it, after independence we can see that Indian system adopted technology in agriculture sector, starting with high yielding varieties, fertilizers, pumpsets for irrigation purpose. That's a few example in 1960s where we used the technology for our development. From there if you go for 80s, 70s and 80s where Indian system used technology which is more focused on mass communication, either it can be television or telephone which is being used in India. In 1990s right now we have 1990s and 2000s, we have this IT revolution which is a technology used by India for its development which includes public players and private players. So in that direction right now in 2000 after 2000 right now in 2020s, right now the new emerging technology is fintech technology. So that is what the topic is. So in that first one is fintech beyond boundaries. So we go for paragraph 1 on paragraph 2 and even a good example of understanding fintech is right now we have lot of apps in our mobile phones to understand this fintech and these apps helps in financial decisions, helps in financial behaviors that all comes under fintech, very basic common understanding. So with that background we can go for these articles. So in paragraph 1 so we can see that right now government of India. That is government of India under PPP model that is public-private partnership model. Name itself says for any development activities how government and private players are combining together for a development that is called PPP model. So in this PPP model especially based on fintech so we have this India stack. This we need to understand. So what is India stack is a basic platform on which we can see our development in fintech is happening. So in later article we can see that. So very common understanding of India stack is creating the basic platform for our financial technologies to develop. So this results in private sector innovations. Because of this PPP model we have India has developed its stack so that it results in private sector innovations happening a lot. So they have given approaches. There are four approaches of India stack. So in that first one is regarding Pradhan Mandri, Jandan Yojana. So it is a government scheme where it primarily focuses creating bank accounts for Indians. So this is also a good example of financial inclusion. So creating a bank account for every Indian so they can be integrated in the financial world. So first approach and second one is integrated IMPS integrated payment services. So here we can see that right now payments are done through this particular platform IMPS which we all clearly know and UPI unified payment interface. This we use as a common man a lot in our present day life. This second one which all comes in the India stack. Third one is regarding Bharat bill payment system. So right now we can see that financial transaction especially in good senses and all. We can see this playing a major role. Then apart from this we also have this GST network and Digiloc. So these are few basic on which the India stack is being built. As I already said it is a platform on which a lot of private sectors are innovating on financial technology. These platforms are created by these set of initiatives and you can see mostly it is all driven by the government. So government created the basic platform on which right now financial technologies are emerging. So and mostly we have used all of these platforms in our life. So this is the first paragraph and second paragraph. Second paragraph it says about India's fastest growing fintech market. So fastest growing fintech market. So it is nothing but a lot of people are using financial fintech products in India and they have given some factual statement that is right now in India we have around 2,100 fintechs are there and this is after US and China. After US and China. And we know that by this fact there are some understanding we can relate it. So we know that US and China is the largest economies. Then India stands third. So even this fintechs play a major role in our economic development. So as these economies US and China has the largest concentration of fintechs India standing in third. If you are able to promote this fintech in future that can also propel in economic development. So and another important facts are given. So this is related to India. So fintech adoption is around 87 percentage are in global level. So global level the same thing is around 64 percentage. This clearly shows that how our Indian economy is ready for new technologies and around 87 percentage adoption rates are there. Or simple to say that as a common one we see that once the Google pay came or pay came into our life we are ready to accept it and use for our transactions. There is a few way of understanding it. This clearly shows that Indian people and Indian market is ready to adopt new technologies. So adoption rate is very high. So around 64 percentage in global level. And another important factors in India around 17 companies or fintech companies. So 17 fintech companies comes under unicorn status. So unicorn is a term used in capital markets or popular equalizer share markets. If any company has a valuation, valuation of US dollar 1 billion they come under this unicorn status. What this valuation means assume that if someone is want to buy the company and they want to pay 1 billion dollar. So that type of companies are called unicorn. So they have the worth of 1 billion dollars. Recently we have seen that Elon must purchase the Twitter. So he paid some 40 billion dollars for it. So if that same thing happens for a fintech company with 1 billion dollar or any company with 1 billion dollar they call us unicorns. And what the fact says in India right now we have 17 fintechs in unicorn status. The valuation is around 1 billion. So that is the point we need to understand. This is given in paragraph 2. Next thing is paragraph 3, 5 and 6. So in paragraph 3 and so right now they say that based on the previous page. So India's market will grow around 50 to 60 billion in financial 2020 expect to grow by 150 billion. So they say that by 2025 the fintech market so fintech market will grow for 150 billion dollars. So there is a huge potential. Right now this current position of that market size is around so dollar 50 to 60 billion. So we can see that there are another three time possibilities there. So right now it is a 50 billion dollar, another three times the market can grow. That is a great potential for a lot of fintech companies in India. These are the data from which we can understand all this information. Next thing is paragraph 4 which speaks about digital public infrastructure. So from the name itself says digital public infrastructure. So right now when you say infrastructure means either we can relate with physical and social infrastructures. What is physical infrastructure? It can be road network, rail network, social infrastructure can be education, health. Similarly we have this new idea called digital public infrastructure. And this paragraph clearly says that when now has this digital public infrastructures that results in digital inclusion. This results in digital inclusion. And right now for our development digital inclusion is one important criteria. So now people are digitally included. So that results in lot of socioeconomic benefits. So digital public infrastructure plays a major role in digital inclusion and especially this results in solving problems of the nation. Solving problems of the nation. So solving problems in the nation can be easily addressed through digital public infrastructure. We will see some example for it, it will be very easy to understand it. So this digital and there comes the concept of digital public goods. When you create this digital public infrastructure next thing is digital public goods. And what constitute digital public goods is open source software, so open source software and open AI models, artificial intelligence models and open data. So what is this term open means it is in a common platform it is not a proprietary one. So when you create this open source software and open artificial intelligence model that all comes under digital public goods which can be used in digital public infrastructure and what are the importance of these two things is you are able to solve the nation problems. And a great example for this is given in paragraph 5 and given in paragraph 6. What paragraph 6 says is coven portal. So coven portal is a good example of digital public good. So we can relate this with paragraph 4 and 5. So good example is coven portal and we have created digital public infrastructure and digital public good and with this we can able to address the problem of corona pandemic under this coven portal we are able to use it very effectively to control this pandemic. So this points we can easily understand based on this example that is given in paragraph 6. First important thing is India is also a nation which had this coven portal that is nothing but open source software with other countries. So they have given to world health organization and UN which can be given to Africa mostly African countries they can use this technology for vaccines and all these things. So this is the point which we need to understand from paragraph 6 and paragraph 7. So in paragraph 7 we saw in this article the term called India India stack. So right now there is another term called global stack. So like India global level also we can create such a platform. So that is given global stack and that was identified in IMF International Monetary Fund Bali FinTech Ajanta in 2018. So in that there was a talk on this global stack. So they have even said that FinTech beyond boundaries FinTech beyond boundaries. So what we can understand from this is right now in global level also they are aspiring to create a common platform across the world. So which can be effectively used for people's well-being. And also there is a discussion on this in India also. So right now Aadhaar that is given the next paragraph there is Aadhaar 2.0 and Aadhaar is a platform which is given to every Indian that is unique ID. So there is a discussion going on how Aadhaar can be effectively used in digital world. And so they have given a title called Aadhaar as international digital identity standard. So this can be this Aadhaar can be used in international arena also. So creating international identity. So this is all related to global stack. So this is going in paragraph 7. That's called international identity. And international identity here is international digital identity that you need to understand. So this next article is digital identity. So we know that identity for a individual is always done by the government. And mostly by means of documents by means of ID cards given. So in that direction right now as technologies are emerging in the global level. So digital identity is another most important identity. So in that we go for paragraph 1 and paragraph 2. So in paragraph 1. So first they will speak about this has given about Aadhaar. So Aadhaar was introduced in India by in the year of 2009 and this is related to 1.3 billion population that is creating unique ID. So under Aadhaar every Indian citizen or anyone in India can get this unique ID. So that is they started in the year of 2009. Next thing is 2014. It's all related to creation of this digital identity. So in 2014 we have this Jandhan initiative. So the Jandhan initiative. So the Jandhan initiative is for financial inclusion is for financial inclusion. So this is a program primarily focused on creating bank accounts. So for every Indian need to have a bank account. So that is the primary objective of this Jandhan initiative. That is what in 2014 was created. And the last most important thing is they call it as Jam Trinity. What is Jam Trinity is combining the three factors. One is Jandhan Yojana, another thing is Aadhaar, one is Jandhan Aadhaar and last one mobile. So this we called as Jam Trinity. So as a common man when they have all these three so they are digitally included in a development process. A common man having a mobile number, having Aadhaar and having a bank account. Ultimately he is being digitally identified and that helps in his socioeconomic development. So that's called Jam Trinity. And so another important aspect is so they are also given the fact that 80% of Indians have bank accounts right now. So 80% of Indians have bank accounts. This we need to compare with creation of this Jandhan Yojana until 2014 if you go and check the data in India how many Indians who have bank account. So it was around 30% of Indian approximately have a bank account since independence right from 1950 to 2013. So only 30% of Indians factually we need to check either from 30 to 40% got the bank account. But with this initiative within 8 years we are able to reach to 80% of Indians in a bank account. So that is there. And another thing is apart from this there is another initiative called Aadhaar Payment Bridge. The name itself says so based on Aadhaar how we are able to provide the payment. So that was done by National Payment Corporation of India. So this is an organization which is responsible for this especially for cash transfers especially for cash transfers. And where this cash transfers are mostly happening is regarding this benefits given by the government they have given the fact also. So especially we take this union government under this Aadhaar Payment Bridge. There is a direct transfer direct cash benefit transfer. We popularly call it as DCBT. So DCBT. So they have given the fact that under this around 37, 314 programs and schemes of union government where money is being directly transferred to the beneficiaries and if you go for state governments it is around 450 programs. So we can see that how this digital identity helps in helps in government reaching the beneficiaries. So all based on this Aadhaar enabled payment systems. So that is done in paragraph 2. This is in paragraph 2. Next thing is paragraph 3, paragraph 4. So in paragraph 3 which speaks about application programming interfaces. So once we create this basic platforms and right now we have a lot of other initiatives in India. So one is this UPI unified payment interface which you already saw in the previous article. Apart from this we have this Bharat interface for money BIM even we have an app for us Bharat interface for money and QR codes, QR codes for payments. We can see in mostly as a common man we can see this lot in our life when you go for a shop and all they have this QR codes where we can scan it and pay it. So QR codes is there and apart from this we have a lot of other initiatives like Digiloka to store your document electronically and also electronic KYC norms and Bharat bill payments system and also Aadhaar enabled payment system. So we can see all these things are possible especially after we are creating this India stack and also it creates a digital identity for individuals. So based on Jam Trinity as an individual we can enjoy all these things because of a digital identity for a citizen. So these are initiatives in India especially for digitally empowered citizens. And we have this paragraph 4. So right now they have given this Aadhaar as a background or Aadhaar as a basis on which right now all these APIs are linked. Aadhaar based on Aadhaar all these APIs are linked resulting in digital evolution resulting in digital evolution of the country and also focusing on digital foundation. That is what paragraph 4 says. So Aadhaar along with this application programming interfaces that creates a digital evolution and people are moving towards the digitally empowered society and also for creating the digital foundation for our development. Next thing is paragraph 5. What speaks about Aadhaar enabled payment systems. So what are the basic things based on this we can see is the one is cash withdrawal. So cash withdrawal and balance checking balance checking. So all these are being provided a dose tip. So this we can see especially most effectively in rural India. Because Aadhaar acts as an ID for every individual and Aadhaar is a unique one. So based on that people can enjoy these services especially in rural India. That is given in paragraph 5 and also they related this because of Aadhaar enabled payment system pandemic especially from financial point of view is able to be properly addressed because of Aadhaar enabled payment systems. So that is given in paragraph 5. Next we go for the next article FinTech revolution. So that is paragraph 1, paragraph 2 and paragraph 3. So in this say they have given some basic facts in this news articles. First one is regarding so we have some key matrix or key indicators in that first one is regarding India that is 834 million internet users. So what the fact says is out of 1.3 billion population around 834 million population is using internet. And second is and UPI transactions unified payment interface transactions is around 416 million. This numbers just for understanding it is not to be very precise while writing answers just based on this facts you can substantiate your answers and major reason why FinTech revolution is happening in India is FinTech revolution because of population size. So India's population size is very high and people are ready to adopt the technology right now we can see FinTech revolution is happening a lot in India. And also they have given other thing is digital payments. So digital payments has increased in compared to 2003 160 times. So in 2003 most of the transaction payment was done through hard currencies by when compared to 2022 it has improved 160 times. So that clearly shows that how we are using technology and how technology has a potential to transform the economy. And also by 2025 another data says that it will create 26 lakh jobs 26 lakh jobs and and it has a worth of 2.8 lakh crore in economic value. So these are the data being projected for 2025 if you FinTech is properly utilized these are the benefits we can arrive one is 26 lakh jobs and 2.8 lakh crore worth of economic value. So that is the point we need to understand next thing is paragraph 2. So in paragraph 2 so already they have given this we have seen in the previous article one is Jandhan Yojana Pradhan Mandiri Jandhan Yojana which is the world's largest financial inclusion initiative financial inclusion initiative financial inclusion initiative. Next thing is we have this year pay that is regarding payment cashless payment cashless payment but it is being predicted and also we have this BIM UPI. So until July 2021 the data also says is around 3.2 billion transactions and as per during pandemic situation also as people are not going out and because of mobile phones and jam trinity and lot of FinTech's app available we can see most of the transactions are happening through this. And some facts the fact is around 3.2 billion transactions and fast tag is another one especially when you go for this national highways payment is done through fast tag right now there is no need for giving hard currencies. So banks are being taken into fold off under fast tag once they have you have a sticker on the car you can pass through the toll gates that also comes under this FinTech initiatives. Okay and also we have this and they have given some numbers for this that is 192 million transactions the fast tag and another thing is we have this Oomang app. So Oomang app also provide one stock platform and it has witnessed around 1.7 billion transactions and what is Oomang app is it's regarding a unified mobile application for new age governance where most of the government departments especially at union level and state level provide the services and this also resulted in transactions where you pay the fees and all those things. So these are the data which you can use it for your answer rating regarding FinTech in India how it has a potential and how what has have done until 2021. Next thing is paragraph 3, 4, 5, 6. So in paragraph 3 so what they have said is this factor of authentication additional factor of authentication so authentication and through pin through pin or OTP. It seems to be very technical but very common term is whenever we do a financial transaction we can get a message correct from a bank or any FinTech app we have this OTP one time password or we have this pin so this is considered to be one of the biggest Indian innovation in financial world so Indian innovation in financial world. So India has its own reason why they want to develop all these things because in India still people are not tech savvy and people doesn't know how to use technology to safeguard the people from this cyber crimes and malpractices in India we innovated this concept of OTP right now for global level this is the biggest contribution of India in India's innovation to financial world. Okay so that is given in paragraph 3 and paragraph 4 so paragraph 4 and so we have this digital payments so there are different time phase of digital payments first we'll start with digital payment 1.0 this was a time period of 2010 where we can see this RTGS still we can see in banks we are using this RTGS that is real-time gross settlements so where this was the first starting point of digital payment in India that was in 2000 that is called digital payment 1.0 from there we can see how we are transforming in India okay so next thing is so digital payment 2.0 so 2.0 that happened in post 2011 this is mainly based on mobile technology penetration that is when our mobile technology moved towards fourth generation starting with third generation and fourth generation that resulted in emergence of digital payment 2.0 where we had to use mobile phones lot for financial transactions that is there next thing is digital payment so 3.0 that is 2016 in 2016 where this started especially the major reason for this thing is demonetization when Indian government went for demonetization what is demonetization is removing the currency value of thousand rupees from circulation or removing it from legal tender and primary objective given by the government is for elimination of corruption but the biggest positive impact of this is we can see that our economy moving towards digital payments so that is a very positive thing that is digital payment 3.0 that was the third one and next thing is paragraph 7 8 9 so paragraph 7 so again they have given the basic datas so based on that right now after demonetization and that propelled our economy towards digital economy and they have again given some facts which you already seen the previous article that is by December 2021 there are 17 fintech startups fintech startups and which comes at a unicorn club we saw unique what is unicorn means unicorn club and and ultimate funding of around so all this have a funding value of 20 point 27.6 billion so and sector all sector consists of there are 17 companies with this 1 billion evaluation and also there are a lot of investment around 27 billion dollars in this particular fintech startups in India so there's a fact given and and also we have the real-time payments so real-time payments there's a technical terms but a common man understanding us we're using mobile phones for financial transaction that is around 25.5 billion in 2020 in various platforms starting with Google pay pay TM and net banking all combined all this is around 25.5 billion in 2020 is a huge market in financial fintech fintech world okay next thing is paragraph 8 they speak about this digital payment 4.0 so digital payment 4.0 it's primarily focusing on this next stage not evolved it next stage so not evolved and they say that it's around it's more focused on low-cost solutions where this digital payment can be effectively used by everyone in the society and they have given some numbers for it and so by 2025 so digital payment will reach to the level of 54,000 crore and especially focused on how this becomes is based on digital commerce so what we use Amazon all comes under this and personalized solutions personalized solutions and digital convergence so digital convergence so right now we can see that lot of apps are being created starting with one solution and finally they behind to scale up so take example of pay TM we have a valid we can buy certain things and also a lot of other financial aspects of life are taken care and also regulatory innovation so these are the ways how to achieve this 54,000 crore digital transaction digital payments by 2025 and also it's a paragraph 9 and so they have given some datas so they have given said India which accounts for 2.2 percentage of US dollar 12 trillion digital payment so when you take global level digital payment the values around 12 trillion dollars in that 2.2 percentage is contributed by India so digital payments by 2023 they're projecting by 2020 this will be a contribution and and they say that by 2025 there's all related to India by 2025 there'll be 95 percentage of financial inclusion so nearly for 95 percentage of financial inclusion or all segments all segments and and 25 lakh crore will be contributed by MS semi digitalization so these are all projections if you go for digital economy there's all related digital economy when India focus on digital economy so what are the projections for India so by 2023 2 percentage of global 12 trillion digital payments will be done in India and around 95 percentage of financial inclusion will happen in all segments all segments consisting of people corporates and in that they have given this MSME sector digitalization which has a potential to add 25 lakh crores to GDP so this is related to GDP so these are some of the datas which we need to understand here and in paragraph 10 so but all this need to happen there are certain conditions required what are those conditioners first and foremost thing is fraud management so when you want to achieve all these things there should be a proper infrastructure for fraud management we know this cybercrime is a evolving crime in global level and especially in India and to tackle that we need to have this proper for fraud management and effective use of new technologies so along with other technologies there should be a greater concentration of blockchain blockchain geo fencing geo tagging these are all potential problems question we need to go and check what is blockchain what is geo fencing and what is geo tagging all this need to be checked properly and also QR code so technology should be levered to achieve this digital economy objective and also in paragraph 11 so there also focus on this mass adoption of digital payments so this need to be done though India is going towards digital payments still we need to encourage people especially merchants and we need to create this KYC policy for customers and merchants that need to be done so that results in greater digital economy also focusing on infrastructures so digital infrastructures so digital infrastructures need to be strengthened in rural areas and also in tier 3 cities of urban areas that is given there especially in rural and tier 3 cities that need to be strength that is given in paragraph 1 and finally last one the potential of global collaboration so we can see that India and Singapore so India and Singapore is trying to integrate this UPI unified payment interface in India and pay now that's Singapore initiative into a single platform which will be a seamless financial transaction between India and Singapore so a good way of understanding is if you're in Singapore and as a tourist or if you're an employee in Singapore belonging to India and right now we can see there's a process involved to transfer the money to India but if these are being integrated there's a greater seamless flow of money across India and Singapore so that is being the in paragraph 12 next we go for artificial intelligence in financial sector so so in this we go for paragraph 1 so what paragraph 1 says is regarding so there's a projection by 2026 financial transaction in India financial transaction in India will be through payment gateways payment gateways and agree haters what be the level is 44 percentage if rupees 100 is trans transacted in India 44 rupees by 2026 is through this payment gateways or this agree haters so agree haters are nothing but Google pay pay TM and payment gateways like a UPI all this comes into picture so that's the data given there and 34 percentage will be through QR codes as we go for a grocery shop where we can see that we pay based on this QR code scanning a code and paying the money that is will be around 34 percentage and around 22 percentage will be based on point of sale so point of sale is nothing but we use our debit cards to pay our money in grocery shop so that'll be a mission where we cite the card so all these are the things which clearly shows that digital transaction is going to enhance lot in India that's given paragraph 1 2 3 4 5 so when you go for paragraph 2 so right now we have this AI artificial intelligence that's the title of the article so artificial intelligence the greatest advantage is used for fraud deduction or for prevention so common man understanding of artificial intelligence as a humans we make decisions right now we can use missions to make it from a common point so this can be effectively used for fraud prevention especially in financial world and also because how this is able to focus on for fraud prevention is they are able to understand the pattern so fraud pattern can be easily identified based on artificial intelligence so ultimately for a taken example if there is some person evading a taxes so they have some shady way of giving accounts so ultimately what happens when you use artificial intelligence by learning that one case study and the mission can understand that these are the patterns followed for tax evasion this how accounting practice will be ultimately this knowledge can be used in other tax prop documents of the government so ultimately it can easily identify the fraudulent practices so just for common man understanding so fraudulent prevention and for pattern can be easily understood through AI and it is said that by 2020 so US dollar of 56 billion US dollar of 56 billion is you lost through online frauds so online frauds and this amount this is equivalent to 42 lakh crore you want to put in Indian value Indian currency it's around so we can see that around 42 lakh crore is lost in online frauds across the world so ultimately we can use AI to detect the frauds and what are some of the examples are like ransomware and these are some of the potential problems question can be asked in science and technology you need to go and check what are different types of cybercrimes you need to what is no say ransomware all this we need to understand it okay so ransomware especially focused on financial sectors especially banks so where we can use AI to find identify this fraudulent pattern and able to want the particular banks or regulators ultimately they make a make they can make some corrective actions so that is paragraph 3 paragraph 4 so right now we have this chatbots equipped with AI so this is another most important thing so most of our banks right now as a common man whenever we call the banks we feel that someone is answering but it's always a chat box so because of common pattern of questions are being asked this AI based on artificial intelligence they're able to identify what is the primary requirement of the customers and they're able to address the question properly that's called chat boxes equipped with AI so it's a better service to the consumers so this is the potential of AI and so they are how this AI works is based on analyzing analyzing the pre-existing datas so pre-existing datas and able to answer the questions very basic understanding is as a common man at the end of the month we know what should be in our account what is the money in our account come at the end of the month or after every transaction we want to know or what transaction we have done so by understanding all these things by understanding customer specific needs AI can do the solutions to us okay so even some expenditure patterns all be easily identified so that's given paragraph 4 and paragraph 5 the greatest benefit is it can use for millions of uses this chat box powered by AI can simultaneously able to address the issues of millions of uses and especially focusing on general doubts so this increases the customer satisfaction customer satisfaction so that's given in paragraph 5 so we go for the next article rural banking and financial services paragraph 1 2 3 in paragraph 1 it speaks about Bharat net it's a broad band so Bharat net is an infrastructure so broad band connectivity to digitally connect India especially for rural areas this Bharat net is a program for laying optic fiber connectivity to villages so that comes under this Bharat net and it resulted in 13,000 terabytes of data consumption so based on this Bharat net by 2021 this much amount of data is used especially in India focusing on rural areas this clearly shows that internet penetration is good in India and rural India is also very connected so digital financial services so digital financial services is able to penetrate into rural India because of this initiative on this data clearly shows that and the next thing is paragraph 2 so it speaks about the concept of banking correspondent so banking correspondent probably call it as BC so there's a there's a there's a group of people especially educated rural youths who are acting as a connecting point between rural citizen and banking systems and they are able to provide all the services of banks especially through digital medium and this banking correspondent acts as a connecting node between a common man and bank so they play a major role in digitally empowering rural areas so rural areas so they are considered to be the agents of the bank so agents of the bank and for providing banking services like depositing money withdrawing money so they have the hand held devices they take banks to the door steps so that's a basic idea of this and and this especially prob is possible because of this jam-tunity again so Jandha Newgeena Adhaar and Mumbai because of all these things we have this banking correspondent linking with banks and providing the banking service digitally to the rural Indians and in 2017 we have this digital empowerment foundation so digital empowerment foundation so they in collaboration with banking correspondence they in collaboration with banking correspondence increasing digital financial literacy especially in rural areas so digital empowerment foundation along with banking correspondence is increasing digital financial literacy especially in rural areas rural areas okay and so this digital empower foundation has created around 2000 digital there's all infrastructures created in India resource centers resource centers and that are being run by so there's a key term which you want to use in your answer writing so Sushna paris this I think it's a Hindi term so another term for this is information entrepreneurs so this is all possible because of digital foundation providing digital literacy and also they create digital resource centers creating entrepreneurs based on digital world that is through information entrepreneurs and they act as a banking correspondence so this is the background which we need to understand this paragraph 3 this is paragraph 4 5 6 7 and 8 so paragraph 4 it says why banking correspondence important for rural India around a 20 percentage of ATMs this hundred ATMs only 20 ATMs are rural in India and we need to understand that around 60 percentage of Indians are in rural India so we can see the proportion so out of hundred people around 60 to 70 percentage are in rural India but number of ATMs out of hundred only 20 are in rural areas so that you can see the mismatch large number of people in rural area but banking services cannot be provided because the ATMs are not there so with this background we can understand the importance of banking correspondent and they found out that this BC means banking correspondent so they will they will banking correspondent so they are the major link between people and banks people and banks especially rural masks and banks and they also withdraw money for people from ATM and give the money back to them so that is given in paragraph 4 and other enable payment systems other enable payment systems helps for them to provide the services especially for the common man okay and so they have given some examples of the banking correspondence experiences that is given in all this paragraph and also in paragraph 5 and so if you take this banking correspondence they are also able to address the safety concerns as a common man as a common especially in rural India not tech savvy and they are also have a problem of security dimensions because of this digital transactions digital transactions enabled by banking correspondence they are able to address the safety problems so that is already we saw that one-time password and pin generation all this helps in securely giving a financial transactions that is given in paragraph 5 these are few examples how digital transaction along with banking correspondence able to empower rural masses in financial world so that is given paragraph 5 safety concerns are properly addressed because of banking correspondence coupled with digital transactions and paragraph 6 and anytime anywhere transactions so right now it's not that any common man physically want to visit the bank to get the financial services through banking correspondence anytime so anytime means at any point of time there is no requirement of office hours even after evening hours by 7 or 8 if a banking correspondence available rural masses can enjoy the banking services they can deposit the money because other enabled OT of OT OTP is there and also all these are being recorded so that is one and anywhere anywhere is nothing but even in the middle of the field if banking correspondence available they can enjoy the banking services so that is given in paragraph 6 and paragraph 7 so it also creates transparency because of digital transaction everything is recorded and banking correspondence can easily show all these things what is happening once the money is being deposited gets reflected in the account as a common man they're able to understand all these things that's another advantage there's other example given by a banking correspondent and so transparency in account balance because common man behind to believe the system very well because everything is very transparent and digitally visible so account balance can be easily understood so that is but that is given in paragraph 7 so this result in digital financial citizenship because of all these things one banking correspondence is resulting in digital financial citizenship that is given paragraph 7 and paragraph 8 so this helps especially for old age people because there is no need for travel no need for travel especially for pensions physical trips are being eliminated so these are some of the benefits and a banking correspondent model for rural India for financial services that is given paragraph 8 and paragraph 9 10 11 so in paragraph 9 so one for old age people there is no requirement of physical visiting a bank and also not need to focus on a lot of complicated procedures no complicated procedures because all the all based on digital transaction and other enabled okay and also they have a foolproof system because their fingerprints are required for transactions so all this results in secure transaction that is given paragraph 10 and paragraph 11 so where we can see that especially during covert QR code based transactions helped a lot especially to stop the spread of covert and payment receivement payment received especially for small entrepreneurs so these are the other benefits so ultimately we can see that how it benefiting to every rural masses through digital transactions and so that is given in paragraph 11 and 12 how this QR enabled all this and banking correspondent helps in physical boundary maintained for stop of pandemic okay and blocking the chain of spread of pandemic and paragraph 13 but there are some challenges that's are given in challenges though we have all these things there are still challenges need to be taken care one is regarding this basic infrastructures which need to be strengthened this comes under all challenges so basic infrastructures need to be strengthened when you want to promote digital India and paragraph 14 and also we need to have grievance redressal so even though we have all this technologies still people have some challenges and all those problems need to be addressed so that should be a proper grievance redressal mechanism mechanism need to be strengthened 15 is online frauds which is another one which need to be taken care so online frauds need to be taken care though people are using this digital platform still they are illiterate digital literacy is very low so there is a chance of online frauds that need to be taken care that is given in paragraph 15 and paragraph 16 so we can see that how mail dominated system and where bank accounts are used by husbands we know that most of the government transactions in the family happens with the female so all government schemes are addressed towards female of the family especially wife of the family but in reality when we go and check in rural India all these are being done on the name of female under the by male either can be husband or a father or a wife or a husband or a husband or a wife or a husband or a wife or a by male either can be husband or a father or a son they'll be enjoying all the things which is being targeted on women so that is another biggest challenge because under digital empower digitally empowered services the primary objective of the government is focusing on disadvantage people take Indian perspective from gender perspective it's always women women need to be strengthened by the system especially government but this being hijacked by the male so it's a cultural preferences that is going in paragraphs 16 and paragraphs 17 18 19 21 so in paragraphs 17 so that's they said about this patriarchal norms so patriarchal norms patriarchal norms if you want to put in common man term is male dominated system so even though we create all these things for disadvantage especially women still we can see that male enjoying all the things so so in digital independence is not being enjoyed by women so digital independence no for women so that is going in paragraph 17 paragraph 18 there are some challenges these are common challenges of the model then there are certain challenges very specific to banking correspondence sort of very basic specific to bank banking correspondences not financially incentive banking correspondence cannot rely this one job for their survival it's not financially incentive for banking correspondence ultimately they do a lot of other allied activities outside of this banking correspondence so that is also biggest challenge for them so they want to run their own businesses along with that they do banking correspondence ultimately you can see that the concentration on this initiative will go down so that is the given in pay paragraph 18 and paragraph 19 so banking correspondence also face the problem of charges charges and lilies and banking correspondence what they say one experience of bank correspondence as a man as rural people sometimes they'll give the money to bank correspondent to deposit into their account which need to be done from their account sometimes this also happens so what ultimately what the bank correspondent says is if they don't have bank account on that particular bank where the customer need or where the common man need to transact the money so when he transects from his account which is another bank he need to pay the charges he says this is a negative incentive so where he is paying the charges on the behalf of the common man so they are not inclined towards such such type of transaction is another challenge they are saying so especially in rural areas we can see sometimes people doesn't have all these facilities doesn't have bank accounts and all these things sometimes we know that only 80 percentage of Indians are covered in the bank so that 20 percentage and mostly it will be logical it'll be rural areas so they'll not have a bank account so they ask them to put on their account and transfer the money to some other family members ultimately this results in extra charges for the bank correspondent that they say as a challenge and paragraph 20 and lack of training is another problem for banking correspondence especially on new products being launched so they can't take the services to the people so whenever a bank launches a new product there's no training for banking correspondence they doesn't know what is this product so ultimately that will not reach to the common man the benefit of the products or services will not reach the common man so that is the biggest problem here and so sometimes bad behavior of banking correspondence also there my behavior ill-treating the common man this also happens and as another most important thing which we need to understand from paragraph 22 that is fidget digital fidget digital means it's a strategy followed by banks say it's nothing but balancing physical and digital transactions digital interactions so what the banks right now are doing in global level and also Indian devil is just finding a right balance of how we're using physical transaction and also digital transaction that's called fidget strategy which is being promoted across the world right now India is also moving towards the this is called as new normal especially after this pandemic this word is very common in our life new normal that is reflected in banking system through this fidget digital okay and we'll see a question for this topic we can't find a direct question UPC but we try to take some other previous a questions and try to find some points and last two years of questions they're asking some basic technology and they're trying to relate how to impose the people's life give a good example they'll ask what is nanotechnology how it is going to empower farmers or how it is going to empower poor section of the people so like this we need to understand when now you study any topic on technology first we need to understand the common basic of the technology probably if they want to ask a question on fintech they'll ask what is fintech means then they go for how fintech is able to transform farmers life women's life so like that they can frame the questions so we can't find a perfect match on the question on fintech in UPC question papers we have taken some other question this way back to 2015 so based on this question they're asking about digital India program and how to improve the farmers life and they're given very specifically on productivity and income and what are steps taken by the government in this regard so digital India is a digital program primarily focusing on creating the infrastructures and also creating the softwares to help the common man and this especially focused on farmers and this type of questions what we can do us based on this article what we have gone through so we can write some of the facts how this jam trinity is working which applies for a common man which also applies for the farmers that we can relate it and also we can relate this banking correspondent model how this helps in financially empowering the rural masses which includes farmers but other specific thing the order steps taken by the government in this dimension of productivity and income need to more focus on government initiative like enam and also we have this enam is one initiative focusing on so agriculture marketing similarly we have the soil health card all this we can relate here and give some specific government programs for it and this question is regarding farmers similarly this can be targeted on certain section of the population it either it can be women or a CSTs so that we can relate with fintech so for this question the points based on the article what we can's gone through us we can write the factual statements of jam trinity and also we already saw that a lot of state government and unit government schemes are being done through the other enable payment systems and also we can relate with banking correspondent okay thank you