{
  "title": "India’s Approach to Open Banking: Some Implications for Financial Inclusion",
  "publication": "IMF Working Papers, February 26, 2021",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2021/02/26/indias-approach-to-open-banking-some-implications-for-financial-inclusion-50049",
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  "summary": "We examine how the development of the digital infrastructure known as the “India Stack”—including an interoperable payments system, a universal digital ID, and other features—is delivering on the government’s objective to expand the provision of financial services.",
  "sections": [
    {
      "heading": "Overview and key thesis",
      "content": "- Examines development of the digital infrastructure known as the “India Stack,” including an interoperable payments system, a universal digital ID, and other features.\n- Argues the Stack’s key overarching feature is a foundational approach of providing extensive public infrastructures and standards that generates important synergies across the layers of the Stack.\n- Context: until recently, a large share of India’s population lacked access to formal banking services and was largely reliant on cash for financial transactions."
    },
    {
      "heading": "Findings on financial inclusion and digital payments",
      "content": "- Expansion of mobile-based financial services provides a novel alternative for expanding the financial net by enabling simple and convenient ways to save and conduct financial transactions.\n- The Stack’s improved digital infrastructures have already allowed for a rapid increase in the use of digital payments.\n- Entry of a range of competitors, including fintech and bigtech firms, has been facilitated by the Stack."
    },
    {
      "heading": "Features of the India Stack emphasized",
      "content": "- Interoperable payments system.\n- Universal digital ID.\n- Public infrastructures and standards that create synergies across layers."
    },
    {
      "heading": "Subject areas and keywords (as provided)",
      "content": "- Subject: Financial services, Fintech, Fiscal accounting and reporting, Mobile banking, Payment systems\n- Keywords: consumer spending, Credit information companies, data sharing, digital payments, digitalization, financial inclusion., open banking, payments bank, payments landscape, telecom data, transaction costs, WP"
    },
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      "content": "- Pages: 27\n- Volume: 2021\n- Issue: 052\n- Series: Working Paper No. 2021/052\n- DOI: https://doi.org/10.5089/9781513570686.001\n- Stock No: WPIEA2021052\n- ISBN: 9781513570686\n- ISSN: 1018-5941\n- Authors: Yan Carriere-Swallow, V. Haksar, Manasa Patnam\n- Date: February 26, 2021\n\nIMF Working Paper No. 2021/052 by Yan Carriere-Swallow, V. Haksar, and Manasa Patnam (February 26, 2021).\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2021/02/26/indias-approach-to-open-banking-some-implications-for-financial-inclusion-50049"
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    "Authors: Yan Carriere-Swallow, V. Haksar, Manasa Patnam",
    "Published: February 26, 2021",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781513570686.001",
    "Examines development of the digital infrastructure known as the “India Stack,” including an interoperable payments system, a universal digital ID, and other features.",
    "Argues the Stack’s key overarching feature is a foundational approach of providing extensive public infrastructures and standards that generates important synergies across the layers of the Stack.",
    "Context: until recently, a large share of India’s population lacked access to formal banking services and was largely reliant on cash for financial transactions.",
    "Expansion of mobile-based financial services provides a novel alternative for expanding the financial net by enabling simple and convenient ways to save and conduct financial transactions.",
    "The Stack’s improved digital infrastructures have already allowed for a rapid increase in the use of digital payments.",
    "Entry of a range of competitors, including fintech and bigtech firms, has been facilitated by the Stack.",
    "Interoperable payments system.",
    "Universal digital ID.",
    "Public infrastructures and standards that create synergies across layers.",
    "Subject: Financial services, Fintech, Fiscal accounting and reporting, Mobile banking, Payment systems",
    "Keywords: consumer spending, Credit information companies, data sharing, digital payments, digitalization, financial inclusion., open banking, payments bank, payments landscape, telecom data, transaction costs, WP",
    "Pages: 27",
    "Volume: 2021",
    "Issue: 052",
    "Series: Working Paper No. 2021/052",
    "DOI: https://doi.org/10.5089/9781513570686.001",
    "Stock No: WPIEA2021052",
    "ISBN: 9781513570686",
    "ISSN: 1018-5941",
    "Authors: Yan Carriere-Swallow, V. Haksar, Manasa Patnam",
    "Date: February 26, 2021",
    "**Working Paper**"
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