Fintechs Pave the Way for Financial Inclusion in India

Fintech companies are urged to expand their reach beyond urban markets, playing a pivotal role in driving financial inclusion across India. By developing innovative solutions such as offline payment systems and voice-authorised tools, these companies can significantly contribute to the nation's growth and poverty alleviation.

M Nagaraju, secretary of the department of financial services, emphasized the critical role of fintechs in advancing financial inclusion and consumer protection during a fintech summit. He highlighted India's Digital Public Infrastructure (DPI) as a unique selling proposition that has leapfrogged financial inclusion efforts.

The Role of Digital Public Infrastructure

India's DPI, including Aadhaar, UPI, India Stack, ONDC, Digilocker, and CBDC, has been instrumental in enhancing financial inclusion. Nagaraju pointed out the importance of improving connectivity, cross-border payment capabilities, cybersecurity, and integrating AI for better app safety and user convenience.