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Hans India
3 days ago
- Business
- Hans India
India stands out as global fintech bright spot as credit demand surges
New Delhi: India has emerged as one of the most dynamic fintech markets globally, driven by a potent combination of digital public infrastructure (UPI, Aadhaar, Account Aggregator), a mobile-first population, and regulatory clarity, a report showed on Monday. Fintech-led digital lending grew at 35 per cent CAGR in 2024, driven by rising credit demand, according to the report by QED Investors and Boston Consulting Group (BCG). Tools like UPI have enabled a wave of fintech innovation from digital lending to payments to wealth particularly benefitting underserved and unbanked populations. These enablers have accelerated innovation and financial inclusion at scale, making India a key focus for both global investors and domestic fintech players, said the report. India features among the top geographies poised for future fintech investment. Investors are encouraged to diversify capital into high-growth regions like India, with an emphasis on AI integration and disciplined scale, it added. India's affluent middle class, currently 31 per cent of the population, is projected to grow to 40 per cent (nearly 600 million) by 2031. This demographic shift is fuelling a surge in consumer demand for credit across retail, consumption, and SME sectors. "India stands at a unique inflection point in the global fintech landscape. With a strong foundation in digital infrastructure like UPI, Aadhar, Account Aggregator, and tech-savvy mobile-first population, the country has already shown how innovation can drive financial inclusion at scale,' said Sandeep Patil, Partner and Head of Asia at QED Investors. To win the next chapter, fintechs must pair innovation with disciplined execution. 'That means building trust, demonstrating profitability, and navigating an evolving regulatory landscape with maturity. The Indian market is large, dynamic and underpenetrated — well-positioned to be one of the defining arenas for global fintech over the next decade,' Patil mentioned. Globally, in 2024, fintech revenues grew by 21 per cent — up from 13 per cent in 2023 — marking a threefold acceleration over the financial services industry at large. 'A class of scaled fintechs is coming of age. Investors are demanding greater maturity, and regulators want more accountability,' said Deepak Goyal, a managing director and senior partner at BCG. 'Meanwhile, emerging disruptors are harnessing next-generation technologies like agentic AI and pioneering new business models, pushing established players to continuously innovate,' he added.
Time of India
28-05-2025
- Business
- Time of India
FM Nirmala Sitharaman asks public sector general insurance companies to widen reach
Sitharaman reviewed the performance of PSGICs and emphasised the urgent need for digital transformation to improve service delivery and efficiency. The total premium collected by PSGICs has witnessed a significant rise from around Rs 80,000 crore in 2019 to nearly Rs 1.06 lakh crore in 2025. Tired of too many ads? Remove Ads New Delhi: Finance minister Nirmala Sitharaman on Wednesday asked public sector general insurance companies , or PSGICs, to work towards improving both penetration and density to ensure wider financial protection Sitharaman reviewed the performance of PSGICs and emphasised the urgent need for digital transformation to improve service delivery and efficiency. The total premium collected by PSGICs has witnessed a significant rise from around ₹80,000 crore in 2019 to nearly ₹1.06 lakh crore in insurance penetration in India remains relatively low at 1% of GDP-compared to a global average of 4.2% in 2023-but insurance density has steadily improved, increasing from $19 in 2019 to $25 in a statement the finance ministry noted that PSGICs have witnessed a significant turnaround, with all of them having become profitable again. The finance minister further directed the companies to develop innovative insurance products tailored to new and emerging risks, including cyber fraud, and to diversify their product portfolio in line with evolving consumer needs, it said."The importance of robust underwriting practices and portfolio optimisation was also highlighted, with instructions to align combined ratios with global industry benchmarks to safeguard profitability and financial stability," the statement asked PSGICs to promptly address customer grievances, strengthen social media engagement, and ensure seamless integration with the Account Aggregator system.
Time of India
27-05-2025
- Business
- Time of India
India carried out precision strikes in Pakistan, no wrong attack: Sitharaman
India carried out precise strikes in Pakistan under Operation Sindoor and there was no wrong attack, Finance Minister Nirmala Sitharaman said on Tuesday. During an interaction with staff of Pine Labs, a fintech company, in Noida, the minister said India has reached such a level that countries globally are recognising it for its achievements. "And Operation Sindoor actually showed that. Look at the way our armed forces handled the situation. They were very clear from the beginning to the end that they wanted to attack the terrorist centres and hit them," Sitharaman said. Following the terror attack in Pahalgam on April 22, in which 26 people were killed, Indian armed forces launched Operation Sindoor and hit terror infrastructure in Pakistan. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 15 Most Beautiful Female Athletes in the World Click Here Undo "If they (Pakistan) were rational enough, they wouldn't have done any more mischief because they don't take any action against terrorists, they allow them to roam in their country freely," she said. Stressing that Pakistan has, literally, become the fountainhead for terrorism, Sitharaman said India was determined not to allow its citizens to suffer, and thereafter, "We hit the air bases in Pakistan. We had the technology which could talk between the three forces. We carried out hits at precise targets and there was no wrong attack". Live Events The minister, who was visiting the company's office, also witnessed demonstrations by Pine Labs on innovative fintech solutions being developed around prepaid instruments, the Account Aggregator (AA) framework, and digital services used in the Public Distribution System (PDS) and other government schemes and services.
The Print
27-05-2025
- Business
- The Print
India carried out precision strikes in Pakistan, no wrong attack: Sitharaman
'And Operation Sindoor actually showed that. Look at the way our armed forces handled the situation. They were very clear from the beginning to the end that they wanted to attack the terrorist centres and hit them,' Sitharaman said. During an interaction with staff of Pine Labs, a fintech company, in Noida, the minister said India has reached such a level that countries globally are recognising it for its achievements. New Delhi, May 27 (PTI) India carried out precise strikes in Pakistan under Operation Sindoor and there was no wrong attack, Finance Minister Nirmala Sitharaman said on Tuesday. Following the terror attack in Pahalgam on April 22, in which 26 people were killed, Indian armed forces launched Operation Sindoor and hit terror infrastructure in Pakistan. 'If they (Pakistan) were rational enough, they wouldn't have done any more mischief because they don't take any action against terrorists, they allow them to roam in their country freely,' she said. Stressing that Pakistan has, literally, become the fountainhead for terrorism, Sitharaman said India was determined not to allow its citizens to suffer, and thereafter, 'We hit the air bases in Pakistan. We had the technology which could talk between the three forces. We carried out hits at precise targets and there was no wrong attack'. The minister, who was visiting the company's office, also witnessed demonstrations by Pine Labs on innovative fintech solutions being developed around prepaid instruments, the Account Aggregator (AA) framework, and digital services used in the Public Distribution System (PDS) and other government schemes and services. PTI NKD NKD BAL BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
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Business Standard
27-05-2025
- Business
- Business Standard
FM Sitharaman visits Pine Labs Noida office, lauds India's fintech sector
During her visit to Pine Labs in Noida, FM Sitharaman praised India's fintech sector for delivering secure and inclusive digital financial services to MSMEs and merchants New Delhi Finance Minister Nirmala Sitharaman on Tuesday highlighted how fintech innovations are delivering seamless, secure, and inclusive financial services to merchants and medium, small and micro enterprises (MSMEs). During her visit to the Noida office of Pine Labs, a leading fintech firm, FM Sitharaman lauded India's fintech companies for their role in strengthening the country's Digital Public Infrastructure (DPI). At Pine Labs office, she witnessed demonstrations of innovative solutions being developed around prepaid instruments, the Account Aggregator (AA) framework, and digital services for the Public Distribution System (PDS) and other government schemes. The finance minister also interacted with Pine Labs employees and customers during her visit. Among them was Kuldeep Chauhan, a mobile retailer from Noida and a customer of Pine Labs. Chauhan shared with FM Sitharaman how his business has experienced significant growth thanks to the widespread adoption of digital payments. Pine Labs is a fintech company, known for its innovative solutions in the payment and merchant commerce space. The company offers a range of products, including point-of-sale (POS) terminals, prepaid instruments, and digital payment solutions. Pine Labs' customers are merchants, retailers, and consumers.
