NITI Aayog and MasterCard released a report on Digital Bharat: Current Affairs Special Series

Team Adda247 and BankersAdda are here with a Current Affairs Special Series for SBI and IBPS interview 2021.  In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack if any current affairs topic is asked in the interview. Today’s Current Affairs topic is NITI Aayog and MasterCard released a report on Digital Bharat.

NITI Aayog and MasterCard released a report on Digital Bharat

A report titled ‘Connected Commerce: Creating a Roadmap for a Digitally Inclusive Bharat’ has been released jointly by NITI Aayog and MasterCard. This report highlights key elements of a roadmap on which India can follow to achieve the next level of digital transformation in the next three years. The report has identified challenges in accelerating digital financial inclusion in India and it also provided recommendations for making digital services accessible to its 1.3 billion citizens. 

Recommendations:

• To Strengthening the payment infrastructure for promoting a level playing field for Non-Banking Financial Companies (NBFCs) & Banks.
• It suggests diversifying credit sources to enable growth opportunities for Micro, Small, and Medium Enterprises. 
• Digitalizing registration and compliance processes for NBFCs and Banks.
• To build information-sharing systems and ensuring that online digital commerce platforms carry warnings to consumers about the risk of fraud. 
• Digitalising land records and making city transit seamlessly accessible to all with minimal crowding and queues.

Dr. Rajiv Kumar, Vice Chairman, NITI Aayog said at the time of the release of the report that technology has been transformational, providing greater and easier access to financial services. India has seen increasing digitization of financial services, with consumers shifting from cash to cards, wallets, apps, and UPI. He also said that this report is looking at some key sectors and areas that need digital disruptions to bring financial services to everyone. 

Master Card: A US-based multinational financial services corporation.

Established: 1966 (as MasterCard 1979)

HQ: New York, USA

Executive Chairman: Ajay Banga

President and CEO: Michael Miebach

NITI Aayog: Public policy thin-tank of Government of India.

Formed: 1 January, 2015

HQ: New Delhi

Chairman: Narendra Modi

Vice-Chairman: Dr. Rajiv Kumar