Context:
Utkarsh Small Finance Bank (SFB) has partnered with Hitachi Payment Services to enhance its payment processing system and debit card management platform.
Key Highlights:
- Scope of Partnership:
- Aims to streamline debit card lifecycle management for over 2.1 million cardholders.
- The system upgrade will make ATM, POS, and e-commerce transactions faster and more secure.
- Institutional Focus:
- Utkarsh SFB continues to provide financial services to underserved and unserved sections of society.
Government Initiatives to Enhance Financial Services for Underserved & Unserved Sections
| Initiative | Year / Institution | Key Features | Target Group / Benefit |
|---|---|---|---|
| Pradhan Mantri Jan Dhan Yojana (PMJDY) | 2014 | Zero-balance accounts, RuPay debit card, accidental & life insurance cover | Unbanked households |
| Business Correspondent (BC) Model | RBI directive | Agents deliver doorstep banking services | Rural & remote populations |
| Aadhaar Enabled Payment System (AePS) | UIDAI + NPCI | Biometric-based digital banking transactions | Rural & semi-urban poor |
| Unified Payments Interface (UPI) | NPCI (2016) | Instant, low-cost, interoperable digital payments | General public, merchants, small businesses |
| India Stack | Govt + Fintech | APIs for paperless, cashless, presence-less financial transactions | Digital economy & underserved |
| Pradhan Mantri Mudra Yojana (PMMY) | 2015 | Collateral-free loans up to â‚ą10 lakh (Shishu, Kishore, Tarun categories) | Small businesses, entrepreneurs |
