Sitharaman ask fintechs to find solutions to prevent digital arrests, cyberfrauds
Live Events
(You can now subscribe to our
(You can now subscribe to our Economic Times WhatsApp channel
Finance Minister Nirmala Sitharaman on Wednesday asked fintech startups to come out with solutions to deal with the rising incidence of digital arrests, cheating by fly-by-night operators, and other kinds of cyberfrauds.Lauding the success of fintechs, the Finance Minister said they have helped in speeding up financial inclusion, and taking the payment system to even the far-flung areas of the country.Speaking at the Digital Payments Awards 2025 Ceremony here, Sitharaman said it is important to ensure that startup companies come up with solutions so that people are not arrested at home digitally, or fly by night operators don't take away their money.Another major threat, she pointed out, is 'deep fake', which is causing a lot of damage to the public in large."Today, we should take care of addressing them so we need a set of fintech companies which are constantly working to give solutions for the newer challenges which are arising," Sitharaman said.She also called upon the fintech sector to further expand the digital lending facilities to the key MSME sector.Sitharaman further said Indian fintech innovations have the potential to become global public goods that can benefit other emerging and developed economies. This will open new markets for our firms.International merchant payments through UPI are now accepted at select merchant outlets in seven countries, including Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka and the UAE."Our players must aim to export our successful models abroad and capture global markets. We have the talent, we have the market scale, and we have the proven solutions," she said.This, she said, will open up new markets for domestic firms.Indian fintech market is projected to grow to over USD 400 billion by 2028-29."That's not too far away. Just three years. Reflecting on an anticipated annual growth of 30 per cent. The scale of opportunity is immense. I firmly believe its best chapters are yet to be written."Together, let us 'Innovate, Include, and Inspire'. Innovate new solutions fearlessly, include every citizen in your vision, and inspire the world with what India can achieve," she said.Noting that India now actually accounts for almost half of all real-time digital transactions in the world, she said direct benefit transfer (DBT) has saved a lot money by plugging leakages.About Rs 44 lakh crore have been transferred through DBT since 2014 and Rs 3.48 lakh crore have been saved.The Minister said the speed at which innovation is happening in India is just a dream for many other countries."Several advanced countries are nowhere close to the kind of momentum our fintech companies have achieved, not just in terms of progress in their respective areas, but also in creating entirely new paradigms. This is something which is very unique of the Indian fintech sector," she said.A World Bank study noted that through Digital Public Infrastructure (DPI), India achieved an 80 per cent financial inclusion rate in just six years.Some observers who have gone through this report have said that this feat would have otherwise taken nearly 50 years, Sitharaman said. PTI
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
34 minutes ago
- Time of India
After 12/6, demand for Air India's 787s crashes
Representative Image NEW DELHI: Planning an almost last-minute trip to Europe, Delhi-based financial consultant Priya Singh was in for a surprise when she checked return for fares for Delhi-Amsterdam (June 30) and Amsterdam-Delhi (July 6) on a leading online travel agency (OTA). Air India 's non-stop option on both sectors was costing Rs 66,323 - which was much less than Rs 87,153 on KLM, the only airline operating direct flight on this sector - and comparable to the one-stop options of carriers like Etihad, Qatar Airways and Lufthansa. "I wondered why this was happening and then found the plausible reason: AI equipment listed was Boeing 787. I will opt for one of the one-stops," she said. Multiple travel agents confirmed Air India is seeing lower demand for its B787s after the AI 171 crash because of which many flights operated on the Maharaja's Dreamliners are cheaper than non-stops of competing airlines on those routes. Ironically, many of these competing airlines on AI Dreamliner routes - Europe, UK, Far East and Australia - also use the B787 which passengers are ditching the Maharaja for, as of now. Non-stop flights are more expensive than one-stop ones. Some international routes have both non-stop and one-stop options, like Delhi to Paris/London/New York. The non-stop fares are benchmarked with each other and one-stop by one-stops. OTA searches show Delhi-London return fares (June 30 departure and July 6 arrival) are between Rs 54,000 and Rs 74,000 on AI; Rs 85,000-90,000 (check-in bag fares) on British Airways and over Rs 95,000 on Virgin Atlantic. Delhi-Paris return for these dates are about Rs 58,000 on AI and Rs 76,400 on Air France. Fares on flights operated by AI's other wide bodies, like the North America non-stops that are served by A350 and B777s, have bucked this trend. "There is concern among travellers (over flying AI B787s) and some have changed airlines as well. Safety is the prime concern for passengers and they are weighing the option of taking other airlines," said Anil Kalsi, Travel Agents federation of India VP, adding, "Demand for travel overall has dropped. Future leisure bookings are on hold due to airspace restrictions that has led to uncertainty and delays across all airlines on routes to and from the west. " Several other travel agents and OTAs confirmed this trend. A detailed multi-nation and multi-agency probe is on into the crash of the Dreamliner operating as AI 171 and what caused the same will be known only after the report is released. Till then everything is conjecture. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
34 minutes ago
- Time of India
GeM of a state: UP top buyer with Rs 65,000-crore purchase
1 2 Lucknow: With total purchases worth Rs 65,227 crore through the Government e-Marketplace (GeM) portal between 2020–21 and 2024–25, UP has left all other states behind. Union commerce and industry minister Piyush Goyal , in a letter to Chief Minister Yogi Adityanath , praised the state's active participation and called it a model for other states. Goyal has noted in his letter that in 2024–25 alone, over 72 lakh procurement orders were completed, amounting to Rs 5.43 lakh crore — a new milestone in India's public procurement system. Since its inception, the GeM has facilitated over 2.9 crore orders amounting to more than Rs 14 lakh crore. UP's contribution to this is highly significant and it has been among the top buyers since the beginning. The platform now includes over 11,000 product categories and more than 330 service categories. The purchases made by UP buyers over the past five fiscal years reflect the state's technical proficiency, transparency, and policy commitment, Goyal says in his letter. He further pointed out that the UP government issued a comprehensive order on November 26, 2024, aligning its procurement rules with the General Financial Rules (GFR) 2017 and GeM's General Terms and Conditions (GTC). This order consolidated various procurement-related notifications into a unified framework, simplifying processes and enabling 100% adoption of GeM in the state. Goyal stated that this initiative is a living example of the Digital India vision. When technology and inclusivity are tied to effective execution, such accomplishments become possible. He added that UP's effort would serve as inspiration for other states, accelerating the nationwide adoption of GeM. He also emphasized that UP's support for GeM is a step toward realising Prime Minister Narendra Modi's vision of a "one-stop digital marketplace. " A state govt spokesperson said that under CM Yogi Adityanath's leadership, UP has not only led in adopting GeM but also ensured its effective and transparent implementation across departments. "His proactive guidance has made UP's procurement model a benchmark for other states. The state's integrated digital approach reflects how policy commitment, innovation, and inclusive execution can truly realise the vision of Digital India," he added. In his letter, Piyush Goyal expressed confidence that UP will continue this dedicated cooperation in the future.
Time of India
34 minutes ago
- Time of India
Wayanad twin tunnel project gets Centre's green clearance
1 2 3 4 Kozhikode: The Union environment, forest and climate change ministry has granted clearance for the construction of the controversial Rs 2,134-crore Wayanad (Anakkampoyil-Kalladi-Meppadi) twin tunnel road. The environmental clearance was granted based on the recommendation of the expert appraisal committee (infrastructure, CRZ and other miscellaneous projects), which had laid down over 60 conditions. Work on the tunnel road can now start after signing the contract, said Tiruvambadi MLA Linto Joseph of CPM. He said chief minister Pinarayi Vijayan would inaugurate the work next month. "The tunnel construction will be carried out under a tripartite agreement between PWD, KIIFB and Konkan Railway. The contract has been awarded to Bhopal-based Dilip Buildcon and Kolkata-based Royal Infrastructure. The tender process is over," he said. The central order states that clearance has been granted subject to the compliance of the 60 specific conditions laid down by environmental impact assessment, in addition to all standard conditions applicable to such projects. The order states that perceived geological impacts from tunnelling activities during construction include vibration from methods like blasting, which can lead to landslips if uncontrolled. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like What She Did Mid-Air Left Passengers Speechless medalmerit Learn More Undo To manage this, a vibration monitoring plan shall be implemented before tunnelling starts, including demarcating impact areas and regulating blasting charges as advised by CSIR-Central Institute of Mining and Fuel Research. It said that during the operational stage, regulating speed can help mitigate adverse vibration impacts. "Additionally, ground settlement and potential subsidence in fracture zones necessitate documenting the tunnel's overburden architecture early in the process to guide precautionary measures. Other impacts include groundwater seepage through fractures, which can be evaluated through horizontal boreholes during tunnelling and guiding measures like selecting appropriate tunnelling methods. Monitoring for material creep and landslips near steep slopes should involve installing landslide sensors and vibration monitors," the order said. Environmentalists had raised concerns about the project's adverse ecological impact as it passes near high landslide-prone areas which had witnessed catastrophic landslides in 2018 and the Mundakkai-Chooralmala landslides in 2024. They had vowed to challenge the decision to grant environment clearance legally. The state-level expert appraisal committee had earlier given its approval for the project. However, the term of the members of the state environmental impact assessment authority, which was to give the final approval, expired following which the project was referred to the central expert committee.
