Outlook Money
The long bank queues for cash withdrawal have reduced significantly due to the ATMs.
Customers now prefer CDMs to deposit money instead of visiting their bank branches as they are more convenient and queues are shorter.
UPI has proved to be a catalyst in keeping the economy running smoothly during the Rs 500 note withdrawal and pandemic.
Pensioners who used to go to their bank branches every year to submit life certificates can submit it using the biometric-enabled mobile app and Aadhaar details.
CBDC is in the pilot mode and RBI is exploring different use cases for it as they are finding their firm ground in India’s banking sector.
Compiled By Himani Verma