Economy at cusp of the biggest revolution in fintech, FI: Sameer Nigam
FinTech BizNews Service
Mumbai, 26 November, 2024: A lot of progress has been made in terms of inclusiveness on the access and the deposit side. “There is a huge opportunity that needs to be tapped on the lending side. This could be the next big driver of both financial inclusivity and technological innovation in the financial industry,” said Prashant Kumar, Chair, CII National Committee on Fintech and Managing Director and CEO, Yes Bank, at the Financial Inclusion and Fintech Summit of the Confederation of Indian Industry (CII) in New Delhi today.
Kumar underscored the importance of inclusive economic growth. He highlighted that the fintech sector could play a crucial role in broadening economic participation in the country wherein a favorable working age population will act as a multiplier. Not only will this lead to greater economic development but also propel financial inclusion thereby supporting the government’s aspiration of Viksit Bharat by 2047. In this context, he mentioned the RBI Financial Inclusion Index, which shows a gain to 64.2 as of March 2024 over 60.1 in March 2023.
Mr Sameer Nigam, Co-Chair, CII National Committee on Fintech and Founder & CEO, PhonePe Pvt Ltd, shared his enthusiasm on the Indian economy and said that the economy is at the cusp of the biggest revolution the world may have seen in financial inclusion and fintech space, other than that of China. He highlighted that the real purpose of technology is to bring in transformation democratically and that should be the driving agenda for all stakeholders – to deliberate on how to induct people who have been left out into the system.
While, releasing the CII Financial Literacy Handbook, Mr Sanjay Doshi, Partner and Head – India FS Advisory and Transaction Services, KPMG, emphasized that the goal of greater financial inclusion hinges significantly on financial literacy, which needs to be comprehensive in coverage – from basic fundamentals of saving, investment & spending to the newer innovations like digital currencies as well as educating on some of the challenges related to data privacy and cyber security.
