Finance minister Nirmala Sitharaman said on Tuesday that India is focused on creating a sustainable financial world which is global, green, and inclusive. Inaugurating the Global Fintech Fest 2022 (GFF 2022) in Mumbai, Sitharaman, said, “We have led the way for an inclusive financial world through a presence-less layer, paperless layer, cashless layer, and consent layer. These four layers for inclusion are capturing the attention of the world.”
The Indian regulators started emphasizing green and sustainable practices in 2007. However, it was only in 2015 that the RBI included lending to social infrastructure and small renewable energy projects within the priority sector lending, she added.
Stating some data and figures, Sitharaman said that India has issued 131.68 crore Aadhaar numbers to its residents. UPI has been instrumental in promoting digital payments in India. It has achieved a value of $940 billion in 2021, which is equal to 30% of India’s GDP. As of July 2022, 338 banks were live on UPI platforms.
In a message, Prime Minister Shri Narendra Modi said: “The fintech sector has been an example of the wonders that can be worked when a government that encourages innovation comes together with the energy of young and inventive minds. From a largely unbanked population to a country that is not only surging towards saturation in banking access but is also digitally equipped, it has been a phenomenal journey. Innovation for inclusion has been our mantra, leading to the revolution in public delivery ensured by the JAM Trinity, the success of UPI in making digital payments a way of life, and India’s global rise in the fintech and start-up space as a hub of innovation and investment.”