The poor’s savings: Next frontier?

Can digital innovation do for savings what UPI did for payments? In his latest column for Business Standard, Prof. M. S. Sriram, Public Policy area, explores why savings remain the missing piece in India’s financial inclusion journey.

While digital payments have transformed remittances for millions of low-income Indians, Prof. Sriram argues that savings products have failed to keep pace. Drawing on the evolution of financial regulation and the challenges faced by low-income households, he explains why traditional banking models are ill-equipped to serve those with irregular incomes. Instead, he makes a case for the National Payments Corporation of India (NPCI) and the Reserve Bank Innovation Hub to develop technology-led, white-label savings products linked to PM Jan Dhan Yojana (PMJDY) accounts—much like NPCI’s role in enabling the success of UPI.

Read the full column, The Poor’s Savings: The Next Frontier for NPCI and RBI Innovation Hub, in Business Standard.