New Delhi (India), February 15: In the ever-changing financial landscape of India, there is an entrepreneur whose vision is to empower every citizen with financial freedom. Mohit Bhargava, the founder of India's first rural-focused neo-bank, DigiRashi, has a mission to promote financial inclusivity in India, where 700 million people still transact in cash and have limited access to digital financial services. Bhargava, a seasoned entrepreneur and financial expert, is determined to provide financial autonomy to every individual in India, regardless of their socio-economic background.
In an interview, Bhargava shared his vision for DigiRashi, "My vision for DigiRashi is to provide financial freedom to every citizen of India. I believe that financial autonomy is crucial for individuals to lead a fulfilling life, and our aim is to make the process of attaining financial independence accessible to everyone." At DigiRashi, Bhargava is committed to promoting personal prosperity, which in turn contributes to the advancement of the nation as a whole.
The inspiration behind DigiRashi came from the fact that India remains a highly cash-reliant nation. Despite the growth of neo-banks and mobile wallets, these platforms are mostly designed for those who are already using digital money, leaving out the vast majority of rural, semi-urban, and urban populations who still transact in cash. Bhargava saw an opportunity to provide a solution to this problem and make a real difference in the lives of millions of people across India.
DigiRashi offers a simplified transaction app that facilitates transactions and is accessible to everyone. The neo bank will not be linked to any third-party platforms, and the interface will be simple enough. The aim of DigiRashi is to provide every citizen of the nation with basic financial freedom, including access to digital savings accounts, unlimited digital transactions, and credit facilities for merchants and individuals for their urgent needs. The platform will also enable cash loading from users' nearest grocery shops or pan/tobacco vendors, breaking the inertia of acceptability and adaptability.
When asked about how is digirashi different from other applications or neo banks Bhargava Replied DigiRashi differs from other neo banks in India in several aspects. Its focus is on simplicity, accessibility, and affordability, which distinguishes it from other neo-banks in the market. Furthermore, the neo bank is designed specifically for the Indian user base, offering 18 language options for the transaction app, making it easier for people from different regions to transact and manage their finances. Additionally, DigiRashi strives to provide financial freedom to all citizens, and offers not only a transaction platform, but also a suite of features such as account opening and microfinancing, particularly catering to rural and semi-urban populations, who make up over 75% of India, a unique approach compared to other neo banks that primarily target those already using digital money.
When asked about the long-term vision for DigiRashi, Bhargava shared that his ultimate goal is to reduce the GDP-to-cash ratio to below 3% and to ensure that more than 90% of all transactions are digital. When asked about the challenges in achieving these goals, Bhargava said that there are several factors that come into play, including lack of awareness, limited access to technology, and fear of the unknown among the rural population. However, he believes that DigiRashi has the potential to overcome these challenges and bring about change.
In conclusion, Mohit Bhargava's vision for DigiRashi is to bring about a radical change in the financial landscape of India, by reducing the GDP-to-cash ratio and ensuring 100% financial inclusivity. With its focus on accessibility, affordability, and simplicity, DigiRashi has the potential to revolutionize the financial sector in India and help bring about a more digital and inclusive economy.