Under the guidance of visionary leader Mohit Bhargava, DigiRashi is on a mission to bring financial freedom to all citizens of India, with a special focus on the rural population that constitutes 61% of the nation's total populace. Bhargava firmly believes that the progress of the country lies in bridging the divide between the urban and rural populations, and that providing access to basic financial services such as account opening, digital transactions, and microfinance is a crucial step in achieving this goal.
In India, the credit rating system is largely based on bureau scoring, which is dependent on the possession of a PAN card. Unfortunately, only 22% of the population holds a PAN card, making it difficult for rural residents to secure credit. To bridge this gap, DigiRashi has devised a unique credit rating engine that will serve the rural and semi-urban populations, benefitting NBFCs and banks alike.
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DigiRashi is at the forefront of promoting cashless transactions in the country, having designed its platform in a way that is accessible and easy for rural residents to use. The company has worked to eliminate the reluctance of merchants to accept digital payments by incentivizing them with a commission. Additionally, the platform offers instant account opening and a seamless transaction process to encourage greater adoption, even among the illiterate.
Despite India's cheap internet connections and high smartphone ownership, only one in ten citizens use digital payments. This is due to a number of factors, including the lack of merchants accepting digital payments, the difficulty in opening a bank account and filling out forms, and the need to travel long distances to deposit money. DigiRashi aims to tackle these challenges by offering cash deposit services at nearby merchants starting from as low as 10 or 15 rupees, and by incentivizing merchants to accept digital payments.
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With a steadfast determination to contribute to the country's mission of becoming a cashless society, Bhargava and DigiRashi are determined to bring financial inclusivity to the masses. Bhargava envisions a future where India leads the way in digital finance and is confident that with the right support, the country can reach this goal in the next 5 to 7 years.
