India 3rd-Largest Growing Fintech Economy; Survey notes a shift in focus of the financial inclusion strategy in the country, from ‘every household’ to ‘every adult,’ with added emphasis on direct benefit transfer (DBT) flows, promoting digital payments using RuPay cards, UPI123 etc
Union FM Smt. Nirmala Sitharaman and the Union MoSfor Finance, Pankaj Chaudhary with Full Budget Team
FinTech BizNews Service
Mumbai, July 22, 2024: Survey notes a shift in focus of the financial inclusion strategy in the country, from ‘every household’ to ‘every adult,’ with added emphasis on direct benefit transfer (DBT) flows, promoting digital payments using RuPay cards, UPI123 etc., said the Economic Survey 2023-24 tabled by Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman in the Parliament today.
Highlighting the progress of financial inclusion so far in the country, the survey says that India is among the fastest-growing fintech markets in the World, hailing as the third-largest growing fintech economy. A key enabler of this financial inclusion drive has been the digitalisation of the financial system, which the survey terms “transformative”. ‘Digital financial inclusion (DFI)’ is the next big target of the government. The survey says that the COVID-19 pandemic gave further momentum to Digital financial inclusion (DFI) when the most vulnerable and excluded citizens were severely affected. Some flagship schemes such as the Digital India Mission, Make-in-India, Aadhaar, e-KYC, Aadhaar-enabled Payment System, UPI, Bharat QR, DigiLocker, e-sign, Account Aggregator, Open Network for Digital Commerce, etc came to the rescue.
The success of UPI has been enhanced by the expansion of smartphone usage in India, with more than 116.5 crore smartphone subscribers as of 31 March 2024. The value of transactions conducted on the UPI platform has increased multifold from Rs0.07 lakh crore in FY17 to Rs200 lakh crore in FY24.
