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Digital Financial Inclusion-Report on ‘Connected Commerce-Creating a Roadmap for a Digitally Inclusive Bharat’

Digital Financial Inclusion-Report on ‘Connected Commerce-Creating a Roadmap for a Digitally Inclusive Bharat’


  • NITI Aayog and Mastercard today released a report titled ‘Connected Commerce: Creating a Roadmap for a Digitally Inclusive Bharat’.

Reserve Bank of India - Reports

Key Details:

  • Objective: The report identifies challenges in accelerating digital financial inclusion in India and provides recommendations for making digital services accessible to its 1.3 billion citizens.

  • Released by:  NITI Aayog and Mastercard

  • The report highlights key issues and opportunities, with inferences and recommendations on Policy and capacity building across:

    • Agriculture,

    • Small business (MSMES),

    • Urban mobility and

    • Cyber security.

  • Participants: Experts from the government, banking sector, the financial regulator, fintech enterprises, and various ecosystem innovators.

  • NITI Aayog was a knowledge partner in this endeavour.  

Key Issues Addressed During the Knowledge Series:

  1. Acceleration of digital financial inclusion for underserved sections of Indian society.

  2. Enabling SMEs to ‘get paid, get capital and get digital’ and access customers, and ensure their continued resilience.

  3. Policy and technological interventions to foster trust and increase cyber resilience.

  4. Unlocking the promise of digitization in India’s agriculture sector.

  5. The essential elements of a digital roadmap to make transit accessible for all citizens.

Key Recommendations in The Report:

  1. Strengthening the payment infrastructure to promote a level playing field for NBFCs and banks.

  2. Digitizing registration and compliance processes and diversifying credit sources to enable growth opportunities for MSMEs.

  3. Building information sharing systems, including a ‘fraud repository’, and ensuring that online digital commerce platforms carry warnings to alert consumers to the risk of frauds.

  4. Enabling agricultural NBFCs to access low-cost capital and deploy a ‘phygital’ (physical + digital) model for achieving better long-term digital outcomes.

    • Digitizing land records will also provide a major boost to the sector.

  5. To make city transit seamlessly accessible to all with minimal crowding and queues, leveraging existing smartphones and contactless cards, and aim for an inclusive, interoperable, and fully open system such as that of the London ‘Tube’.