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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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FinFIRST Blogs
We can only call a country developed when its urban and rural economy can stand shoulder to shoulder, next to each other.
For instance, if a young person from a village approaches his nearby bank, he should be able to access the same credit facilities such as personal loans, consumer durable loans, and other offerings such as overdraft, locker facilities as someone living in a metro city would.
Most of India’s industries are powered by folks from rural regions who move to urban areas for work once they graduate. This does not mean we neglect the rural regions. Instead, we need to make sure they are economically self-sustaining.
Having said that, here are a few pointers, we believe, can help build a solid road map to strengthen India’s rural economy:
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To explain better, we have listed a few ways in which digital lending re-energises Indian economy:
Digital banking and lending must lead the way
The issue of banks not servicing enough pin codes in rural areas is widespread. Technology provides a smart solution to this problem. If bank branches can’t reach villages, their apps can because most people in India own a smartphone with internet access. They can use the bank’s app to open a savings account, send and receive money online, order and use a digital credit card, and even apply for loans.
Rural financing must become a priority
Businesses are run on credit. In India’s rural regions, most, if not all, people need a loan to start their venture. Most of the times, it’s a regular sweet mart or a photocopy centre or a general store. If banks can service their needs through personal loans or business loans, it lets them become entrepreneurs and power their region’s economy by meeting demand and generating employment.
Run education programs
A crucial aspect of powering a region’s economy is to make sure its residents are educated on finance and investment. India’s rural regions love cash; it is widely used to conduct transactions. While debit and credit cards are often unheard of and most people only keep their money in their savings account. Government and financial institutions need to run outreach programs to teach them about various investment options, refer and earn money programs and credit facilities so that they can grow their wealth, beat inflation, and go on to run their businesses successfully.
A country’s true progress rests on its rural economy and for India, it is highly important because a vast majority of its population falls in the rural sector. The more this section of the population is encouraged to access financial services from a private bank like IDFC FIRST Bank, which offers several beneficial options, or even the public-sector ones, the more economically independent they will become.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.
