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How Fintechs Are Boosting Financial Inclusion

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How Fintechs Are Boosting Financial Inclusion


How Fintechs Are Boosting Financial Inclusion

Expanding Financial Services Beyond Cities

M Nagaraju, secretary of department of financial services

M Nagaraju, secretary of department of financial services

Fintech companies must reach beyond city limits. They play a crucial role in driving financial inclusion across the country. Here’s how they can do it:

  • Creating offline payment systems
  • Developing voice-authorized tools
  • Improving connectivity
  • Enhancing cross-border payment capabilities
  • Strengthening cybersecurity
  • Using AI to improve services
  • Ensuring better app safety for user convenience

Fintech: A Key Driver of Growth

M Nagaraju, secretary of the department of financial services, shared his thoughts. He said, “Fintech will drive financial inclusion. This is a key driver of growth and poverty alleviation.”

The Role of India’s Digital Public Infrastructure

Nagaraju highlighted the importance of India’s Digital Public Infrastructure (DPI). This includes:

  • Aadhaar: A unique identification system
  • UPI: Unified Payments Interface for seamless transactions
  • India Stack: A set of APIs for digital services
  • ONDC: Open Network for Digital Commerce
  • Digilocker: A digital document storage system
  • CBDC: Central Bank Digital Currency

These tools have significantly advanced financial inclusion in India. Nagaraju stressed the vital role of fintechs. They are crucial for advancing financial inclusion and protecting consumers.


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