Government will encourage SIDBI to refinance credit institutions which provide unsecured loans at reasonable rates to borrowers based on their transaction history, he said.
encourage small and micro enterprises to access formal credit.
Government will encourage SIDBI to refinance credit institutions which provide unsecured loans at reasonable rates to borrowers based on their transaction history, he said.
The digital payment infrastructure and grievances handling system will be strengthened, he added.
"The focus will be rural and semi-urban areas through post offices, fair price shops and banking correspondents. Steps would be taken to promote and possibly mandate petrol pumps, fertiliser depots, municipalities, block offices, road transport offices, universities, colleges, hospitals, and other institutions to have facilities for digital payments including the BHIM app," said the Finance Minister.
A proposal to mandate all the government receipts through digital means beyond a prescribed limit is under consideration, besides the financial inclusion fund will be strengthened to augment resources for taking up the imitative, he said.
"Government will consider and work with various stakeholders for early implementation of the interim recommendations of the Committee of the Chief Ministers on Digital Transactions," the Budget said.
Based on recommendations for structural reforms in the payments ecosystem, including amendments to the Payments and Settlement System Act 2007, by a Committee under the Department of Economic Affairs will undertake a comprehensive review and bring about appropriate amendment.
"To begin with, it is proposed to create a Payment Regulatory Board in the Reserve Bank of India by replacing the existing Board of Regulations and Supervision of the Payment and Settlement System," the Minister said.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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