The Reserve Bank of India has declared it’ll be encouraging banks and other financial institutions to come up with offline electronic payments choices for India. The objective of the initiative is to promote underbanked rural communities into migrate from cash to card, according to a report by Finextra.
Because of a lack of internet connectivity in several rural locations, the banks need to present offline banking options. The RBI will supply an invention hub to assist different banks create such cards, cellular wallets and other services and products, according to the report.
