Fintechs must curb fraud with AI use, ensure financial inclusion: DFS Secretary
With the country's digital payments ecosystem rapidly maturing, its influence has begun to extend beyond national borders, reaching Global South, said Nagaraju Maddirala, Secretary, Department of Financial Services (DFS).
Addressing the inaugural session of the third 'Financial Inclusion and Fintech Summit' by the Confederation of Indian Industry (CII) here, he emphasised the critical role of fintechs in advancing financial inclusion and consumer protection.
Nagaraju reaffirmed the government's strong commitment to financial inclusion and the democratisation of credit access.
He highlighted the government's sustained efforts in fostering a supportive ecosystem for fintech innovation, underpinned by a strong digital infrastructure and transformative welfare schemes.
Notable among these are the Jan Dhan Yojana and Jan Suraksha Schemes, including the Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Swanidhi Yojana and the Atal Pension Yojana, which have significantly expanded the reach of formal financial services.
He also noted that a substantial portion of these financial services and loans have been accessed by women, thereby contributing to women's empowerment and inclusive economic growth.
'It is a matter of great pride for every Indian that India is far, far ahead of many countries in payment systems, and we have, in fact, been trying to expand our digital payment ecosystem to several other countries. We have a presence in seven countries and are also in discussions with a few more,' Nagaraju told the gathering.
Shaji KV, Chairman of NABARD, emphasised that India's journey toward Viksit Bharat can gain momentum only when the masses — particularly the rural population — become active stakeholders in the nation's growth story.
He pointed out that the rising aspirations within rural communities can be effectively addressed through greater efficiency in financial operations, enabled by fintech innovations.
Shaji highlighted the need for disruptive innovation in the sector and called for focused efforts to address challenges such as interoperability and KYC norms with economic activities.
He underscored the transformative potential of digital public infrastructure, especially in sectors like agritech, fisheries tech, and cooperative tech, which can play a crucial role in enhancing per capita rural incomes through scalable digital applications.
He also mentioned the planned integration of all Regional Rural Banks (RRBs) onto a common digital infrastructure and noted that NABARD is actively working on digitizing agricultural value chains to bridge the rural–urban divide. Additionally, he stressed the importance of women's empowerment through fintech-driven financial access and inclusion.
According to Prashant Kumar. Chair, CII National Committee on Fintech, and Managing Director and CEO, YES BANK, as India advances towards Viksit Bharat, inclusive economic growth, particularly for marginalised communities, has remained the central focus and has led to measurable progress in areas such as poverty reduction, education, healthcare and infrastructure development.
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