Kanupriya Gupta

Dec 8, 2023 | blogs.adb.org | Kanupriya Gupta |Anuj Chaudhary

Traditional financial institutions in India, including banks, face challenges in serving a large segment of the population, particularly in rural areas due to their limited physical presence.  This scarcity impedes formal banking access, causing inconvenience and additional costs for those traveling long distances. Moreover, the cumbersome paperwork and stringent documentation required by banks often deter people from seeking their services, particularly those with limited education and literacy.