“India outpaces all other countries in terms of FinTech adoption. The country should now focus on digitization while ensuring adequate safety measures. India must aim at secure and sustainable digitization,” said Dr Bhagwat Karad, Minister of State for Finance, during the opening session of the CII FinTech summit.
Dr Karad suggested that the government develop technology that could be attached to regular phones in order to make access to Jan Dhan accounts easier for those who do not own smartphones. He also stated that the government is working to increase the number of Jan Dhan Accounts, particularly in aspirational districts.
Dr Karad elaborated on the various regulations that the government and other regulators have put in place to promote FinTech movement in the country, such as the NPCI, the Digital India initiative, the Bharat Bill Payments System, and the UPI.
The MoS sought the CII’s assistance in achieving 100% financial inclusion. Sanjiv Bajaj, CII’s President Designate, noted that technology and digital services have begun to disrupt numerous industries in recent years, and that the pandemic has accelerated the adoption of digital services.