On 20th July, 2022, NITI Aayog released a Report titled - 'Digital Banks: A Proposal for Licensing & Regulatory Regime for India'. It suggested setting up Digital Banks and a licensing and regulatory framework for such Banks.
Significance: It will help digital banks in getting clearer guidelines towards providing a robust banking infrastructure in the rural areas that contribute greatly to the country’s GDP and where a majority of the population resides.
