To shape India’s continued ascendancy in FinTech, build the narrative for future strategy and policy efforts, and to deliberate steps for comprehensive financial inclusion, NITI Aayog organized a day-long FinTech Conclave in New Delhi recently.

The Conclave featured representatives from across the financial space – central ministries, regulators, bankers, startups, investors, service providers and entrepreneurs.

Shaktikanta Das, Governor of RBI inaugurated the Conclave in the presence of Mr Amitabh Kant, CEO, NITI Aayog and Subhash Chandra Garg, Secretary, Department of Economic Affairs, Ministry of Finance.

Giving the keynote address on ‘Opportunities and Challenges of FinTech’, Mr Das noted that FinTech has the potential to reshape the financial services and financial inclusion landscape in India in fundamental ways.

He said, “We have to strike a subtle balance between effectively utilising FinTech while minimising its systemic impacts. By enabling technologies and managing risks, we can help create a new financial system which is more inclusive, cost-effective and resilient.”

Kant noted the need to evolve regulatory and policy paradigms keeping in mind the need of nearly 450 million millennials of India to access institutional credit and charting out the future of fintech in India in light of digital technologies such as blockchain and artificial intelligence.

Government of India’s efforts focused on Digital India and developing India Stack including Voluntary Aadhaar for financial inclusion have evoked significant interest from various stakeholders in the area of Financial Technology (FinTech).

India is one of the fastest growing FinTech markets globally and industry research has projected that USD 1 Trillion or 60% of retail and SME credit, will be digitally disbursed by 2029. The Indian FinTech ecosystem is the third largest in the globe.

Published On : 26-03-2019

Source : Sme Times