♤ Technology Based Approach:

o Mobile Banking: The banks have tied up with mobile operators to provide financial services like bill and utility payment, fund transfer, ticket booking, shopping etc. Some examples of this model are m-Pesa by Vodafone and Airtel Money

o Kisok/ATM based banking: Banks have used the technology to enable their ATMs to virtually act like a 24x7 branches.

o Branchless baking: Some of the leading banks have come up with this concept where there would be an online system with chat facility assisting the person to make use of various electronic machines for depositing and withdrawing cash and cheques

o Aadhar Enaabled Payment Systems (AEPS): All accounts having aadhaar number updated are to be reported to RBI, which in turn reports it to various government departments. While making payments to people for working under initiatives like MGNREGA or various subsidy schemes, the departments use this information for directly crediting the money to the beneficiary’s account.