The most discussed them in the world of digital banking. Even after independence, a large portion of the population does not have their bank account due to lack of knowledge of investing in the bank in the term of fixed deposit. There is even a lack of the income of the citizen.
The lower class does not use the bank much because of their term and condition. People of the lower class does not have that much money, and they also do not have the knowledge of using the bank account, so because of this, they do not make accounts in the banks.
These people mainly do not know loan interest or bank things. So because of this thing, the Government of India and the Reserve Bank has taken some initiative to give the knowledge to these people and also announced so many schemes for these people so that they could be able to use the bank account easily. So in this, they can keep their money in the bank account easily.
The people in the urban areas know how to use their bank account, and they use it properly. They keep the money in the bank account and save their money for their future, and also they do some schemes in the bank so that they can get their pension after the retirement from the bank.
Because these people know how to save their account and transfer the money into the account they get easily loan from the bank as they have a personal account in the bank.
So because of this only the urban people know how to handle their bank accounts, and the lower class people are not able to use this, the Government of India has taken more initiative to the lower class people to know how to handle the bank accounts.
As the lower class people do not have more money to keep into the account so the bank Reserve Bank of India has announced some small amount of money to open their account for those people who can easily transfer some of their money into the bank and make bank accounts. Buy this bachat Khata people can open the account with 0 Rupees at starting and withdraw the money from the bank four times a month.
Bank Provisional Thing
For every people who have the account in their banks then the bank provides them the ATM card for easy withdrawal of their money and those people who do not know how to withdraw money from the ATMs so Bank, helps them by themselves by giving money in the bank to the people.
There are many Bank branches who take the initiative to know all the people about the use of ATM card in the bank. Not only by the financial inclusion but also the digital technology helps the people to use the bank process easily and there are many apps that have been made by the digital Technologies that are used to transfer money from the mobiles. Financial inclusion is the best way to make the population use the banking sector.
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