Prepare road map for small merchants' entry into digital fold, Finmin tells lenders

"Banks are now working on the standard operating procedure, the scope of services, and a performance measure matrix," said an official, adding that the Indian Banks' Association, or IBA, will also be engaged to bring private banks on board. Another bank executive confirmed that lenders have been asked to provide their input on aspects such as whether more financial services products can be introduced and how to address issues such as digital security for both vendors and their clients.

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