Fintech sector must focus on financial education and consumer protection, says DFS Secretary
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Department of Financial Services Secretary M Nagaraju has called upon India's FinTech sector to prioritise financial education and consumer protection as the country continues its digital transformation journey.Speaking at the CII Financial Inclusion and FinTech Summit, Nagaraju highlighted that FinTech companies have a tremendous opportunity to educate millions of Indians about financial services, noting that a large number of people fall victim to cyber frauds due to a lack of financial awareness."You bring to bear your tools of innovation, and easy-to-operate systems to ensure that people are not defrauded by the fraudsters," Nagaraju urged the FinTech community, emphasising their role in protecting vulnerable consumers. He stressed that consumer protection should be a top priority, ensuring that users of FinTech ecosystems are treated fairly, their complaints are addressed properly, and they remain protected from fraudulent activities.DFS Secretary outlined several key areas where FinTech companies should focus their innovation efforts. These include developing payment solutions for offline transactions, voice-based authorisation systems, improving connectivity coverage, and facilitating cross-border payments. He also called for the development of low-cost but effective cybersecurity and anti-hacking solutions, along with innovations in tamper-proofing financial applications to enhance security.Nagaraju's address came against the backdrop of India's remarkable achievements in financial inclusion. He revealed that the country now has around 55 crore Jan Dhan accounts, with 56 per cent held by women, and 90 per cent of Indian adults now possess bank accounts. According to the latest data, 99.9 per cent of villages have access to banking facilities or banking correspondents, demonstrating the extensive reach of India's financial infrastructure.The DFS Secretary also highlighted the success of various government financial schemes. Under the PM Mudra Yojana , which completed 10 years in April, 53.5 crore loans worth Rs 34.6 lakh crore have been sanctioned, with 68 per cent going to women entrepreneurs.The Stand Up India Scheme has sanctioned 2.75 lakh loans worth Rs 62,000 crore, while the PM Swanidhi scheme has sanctioned Rs 4.5 lakh crore and disbursed Rs 3.5 lakh crore in loans, showcasing the government's commitment to inclusive financial growth and the potential for FinTech innovation to build upon these foundations.
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