Page 36 - Banking Finance April 2022

ARTICLE

UNION BUDGET

2022 :

IMPROVING

ACCESS TO

FINANCE

T he Finance Minister of India, Ms. Nirmala Financial Inclusion

Sitharaman presented the Union Budget 2022-23
In 2022, 100% of 150,000 post offices are proposed to be
("Budget") on 1st February 2022. Amid concerns
brought under the core banking system. This is expected to
of rising inflation and the uncertainties
enable financial inclusion and access to accounts through net
surrounding COVID-19, the Budget aims to revive the
banking, mobile banking, automated teller machines ('ATMs')
economy, interalia through innovative financing, financial and facilitate online transfer of funds between post office
inclusion and adoption of technology in finance.
accounts and bank accounts. This change is expected to be
helpful, especially for farmers and senior citizens in rural
While various measures were announced in the Budget, the
areas, enabling inter-operability and financial inclusion.
key focus of this article is the banking and finance space.
This will enable access to the financial system of the country
About the authors to the remotest and most excluded parts of the country.

Setting up 75 digital banking units ('DBUs') in 75 districts of
Ankit Sinha Teza Jose the country by scheduled commercial banks has also been
Partner, Principal Associate, proposed. This is intended to encourage further adoption
Juris Corp Juris Corp
of digital payments. Specific focus has also been promised
to promote use of payment platforms that are economical
and user friendly.
Dhwani Bansdawala Gopi Naik
Associate, Junior Associate,
Juris Corp Juris Corp The Aspirational Districts Programme which was introduced
to improve the quality of life of citizens in the most backward

36 | 2022 | APRIL | BANKING FINANCE