GLOBAL FINTECH FEST 2024
02.09.2024
GLOBAL FINTECH FEST 2024
IN NEWS –
- GEF was jointly organized by the Payments Council of India, National Payments Corporation of India, and Fintech Convergence Council.
- Fintech (Financial Technology) rely primarily on technology and cloud services to provide financial services to customers (like Paytm, PhonePe).
Fintech in India
- Adoption rate of Fintech in India is 87% (global average is 67%).
- Due to JAM trinity (Jan Dhan, Aadhaar and Mobile), India accounts for approximately 50% of the world’s digital transactions.
- Industry received over $31 billion in investments and saw start-up growth of 500% in the last 10 years.
Key Roles of India’s Fintech Sector
- Democratizing financial services: UPI has enabled 24 X 7 banking services closing the rural-urban divide in banking services. Fintech have facilitated easy loan for street vendors under PM SVANIDHI Scheme.
- Women Empowerment: Over 29 crore Jan Dhan accounts have been opened for women, which facilitates connecting self-help groups to banks. 70% of Mudra Yojana beneficiaries are women.
- Tackling Parallel Economy: Digital financial transactions have improved transparency tackling black money. Direct Benefit Transfer has prevented leakages in the government welfare schemes.
- Business opportunities for small entrepreneurs: Open Network for Digital Commerce is connecting small businesses to bigger opportunities. Liquid and cash flow of small institutions are improving due to trade platforms and a digital voucher like e-RUPI.
- Dignity and Quality of Life: Fintech have played a key role in Digital India by facilitating remote healthcare services, digital education and skill learning.
KEY INITIATIVES FOR FINTECH IN INDIA
- Bank Sakhi Programme was launched under PM Jan Dhan Yojana to help first-time women customers navigate banking through female Banking Correspondents.
- Doing away with Angel Tax.
- Allocating Rs 1 lakh crores to encourage research and innovation in the country. Implementing the Digital Personal Data Protection Act 2023.