The government’s decision to bear the merchant discount rate (MDR) on digital payments of up to Rs2,000 will bring greater level of acceptability for digital payment systems. Digital payments will become a way of life both for consumers and merchants and bring a cultural shift in digital payments. The reduced payment of MDR by merchants will also increase transparency in digital transactions and bring about greater accountability.

Samit Ghosh, MD and CEO Ujjivan Small Finance Bank

The seven new small finance banks (SFBs) launched this year and the two in the previous year have embarked on a journey of financial inclusion of 600 million plus unserved and under-served customers. The new banks will go beyond traditional microfinance, entering the affordable housing and micro, small and medium enterprises space. In the coming years the SFBs will grow to be formidable mass-market players championing the cause of financial inclusion.

Renu Satti, MD and CEO, Paytm Payments Bank

2017 has been a remarkable year in our country for driving digital and financial inclusion. This year will also be remembered as one when Payments Banks were launched. We welcome 2018 and look forward to more innovation, new product launches and aggressive growth. India is currently at the center of the banking world, and is set to emerge as a benchmark in digital and financial inclusion.

Shekhar Bhandari, senior EVP and business head – global transaction banking and precious metal, Kotak Mahindra Bank Ltd

GST, introduced in 2017, will create an ecosystem where the entire chain of value addition will be recorded and tracked. Financial institutions can use this data for better risk management and efficient working capital financing; providing significant benefits across businesses. With data being the new oil, GST facilitates its combustion to propel India’s growth engine. Prevention of tax avoidance and the increase in tax base is another positive of GST.

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