Transformation of Rural Financial Institutions through Technology

India’s economy is experiencing a boom, fueled in part by its robust banking infrastructure. However, a unique characteristic defines the Indian banking landscape: a stark contrast exists between the evolved presence of major banking institutions in metropolitan areas and the vast underbanked population residing in rural India, often referred to as “Bharat.” This population is served by district cooperative banks, cooperative credit societies (Pathsansthas), and MFIs (Microfinance Institutions).