SFBs and Payments Banks' physical approach, financial literacy reduce fraud

Despite reducing paperwork and simplifying processes, most customers require assistance, thereby concentrating transactions at physical branches.

The volume of financial transactions have risen substantially after a concerted push towards inclusion, but, interestingly, underbanked customers seem to be insulated from fraudsters, as of now.

This is due to physical transactions with the supervision of new age bankers and an increase in basic financial literacy among users, say executives at small finance banks and payments banks. However, the rise in financial literacy is only so much and there's a wide gap that needs to be filled to make the bottom of pyramid financially educated, as well as accustomed to banking technology, the executives say.  

While these microfinance institutions face