2025, Vol. 6, Issue 1, Part A
Government initiatives and policies promoting mobile banking in smart city Bhagalpur
Author(s): Aditya Kumar
Abstract: The government of India has been actively promoting mobile banking as a key component of the Digital India mission, particularly in SMART cities like Bhagalpur. These initiatives aim to enhance financial inclusion, improve transparency, and foster digital literacy. Bhagalpur, a pivotal SMART city in Bihar, has witnessed a surge in mobile banking adoption due to concerted efforts such as the introduction of UPI (Unified Payments Interface), PMGDISHA (Pradhan Mantri Gramin Digital Saksharta Abhiyan), and financial literacy campaigns. Policies like Jan Dhan Yojana and Direct Benefit Transfers (DBTs) have significantly bolstered the digital economy by integrating unbanked populations into formal banking systems. Additionally, infrastructure enhancements like the expansion of broadband and Wi-Fi networks under the SMART Cities Mission have facilitated seamless access to mobile banking platforms. Local governments have collaborated with fintech companies to deliver tailored solutions, ensuring accessibility and user-friendliness. These efforts not only empower residents with efficient financial services but also reduce dependency on cash, minimizing transaction costs and risks. However, challenges such as low digital literacy in rural areas, cybersecurity threats, and resistance to change persist. The government’s focus remains on overcoming these barriers through sustained public-private partnerships, robust cybersecurity frameworks, and awareness campaigns. As Bhagalpur transitions into a digital economy hub, mobile banking is expected to play a transformative role in achieving economic empowerment and social equity.
Pages: 17-20 | Views: 18 | Downloads: 13
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How to cite this article:
Aditya Kumar. Government initiatives and policies promoting mobile banking in smart city Bhagalpur. Asian J Manage Commerce 2025;6(1):17-20.
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