Banks on wheels: changing the narrative and empowering women
Even today, women are less likely than men to have financial autonomy, especially when it comes to the power of money.
Even though the government has taken many steps to empower women and improve their situation, it takes time to make a difference.
The world today is highly digitised, and women need access to digital financial services so as not to lose out on financial opportunities.
In essence, digital financial services would mean access to financial services, such as remittances, payments, savings, loans, etc. through electronic channels, such as mobile phones.
BharatNet, Startup India, and Saubhagya Yojna (rural electrification), have contributed to the country digitizing phenomenally today. Additionally, startups are playing an important role in bridging India's infrastructural gap.
As part of their outreach strategy, mobile banking vehicles go to local villages, spreading financial education and digital literacy, as well as letting their customers make payments, withdraw cash, and perform several basic banking functions at their doorstep.
Mobile vans built by Bengaluru-based XPay.Life are currently operating in over ten states, across many DCCBs, enabling digital transactions at the district level.