Reserve Bank of India (RBI) Deputy Governor Michael Debabrata Patra has said that India is at the forefront of the digital revolution and financial technology is speeding up digital payments. Vibrant e-markets are springing up and expanding their reach. He said it is estimated that the digital economy currently accounts for a tenth of India's GDP and added that going by growth rates observed over the past decade, it is poised to constitute a fifth of GDP by 2026.
RBI Deputy Governor said that India is uniquely positioned to unlock new growth avenues and optimise existing ones with its digital public infrastructure (DPI), a vibrant information technology sector and a burgeoning youth population, including one of the largest AI talent bases. On digitalisation of Indian finance, he said micro-level evidence from surveys of Indian banks shows that while all of them have implemented mobile and internet banking, 75 per cent offer online account opening, digital KYC and digitally-enabled doorstep banking.
Additionally, he further said 60 per cent provide digital lending, 50 per cent offer payment aggregator services, 41 per cent use chatbots, 24 per cent have adopted open banking, and 10 per cent have integrated Internet of Things (IoT) technology. As many as 19 private sector banks are leading the technology adoption. He noted that an AI-assisted review of the latest annual reports of Indian banks reveals various instances of productivity gains by SCBs (Schedule Commercial Banks) from digitalisation.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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