Department of Financial Services (DFS) Secretary M Nagaraju has called on India’s growing FinTech sector to make financial literacy and consumer protection top priorities amid the country’s ongoing digital transformation. Addressing the CII Financial Inclusion and FinTech Summit, he emphasised the industry’s critical role in shielding millions of users from cyber fraud through education and responsible innovation.
Nagaraju stated that many people fall victim to cyber fraud due to poor awareness of financial services. He said, “You bring to bear your tools of innovation, and easy-to-operate systems to ensure that people are not defrauded by the fraudsters.” Stressing the importance of fair treatment, complaint redressal, and fraud prevention, he urged FinTech firms to take the lead in safeguarding vulnerable users and ensure ethical digital financial practices.
Key Innovation Areas for FinTech Sector Highlighted
The DFS Secretary outlined several focus areas where FinTech innovation could make a meaningful difference. These include:
- Payment solutions for offline transactions
- Voice-based authorisation systems
- Improving connectivity in underserved regions
- Enhancing cross-border payment mechanisms
- Developing affordable cybersecurity tools
- Creating tamper-proof financial applications for better security
India’s Financial Inclusion Sees Historic Expansion
Nagaraju noted India’s impressive financial inclusion milestones. The country now boasts 55 crore Jan Dhan accounts, 56% of which are owned by women. Around 90% of adults have bank accounts, and 99.9% of villages have access to banking services or correspondents. These developments, he said, form a robust foundation for FinTechs to build secure, inclusive, and innovative solutions.
He also cited the success of major government financial schemes. Under PM Mudra Yojana, 53.5 crore loans worth ₹34.6 lakh crore have been sanctioned, with 68% benefitting women entrepreneurs. The Stand Up India Scheme has sanctioned 2.75 lakh loans worth ₹62,000 crore. Additionally, the PM Swanidhi Scheme has sanctioned ₹4.5 lakh crore and disbursed ₹3.5 lakh crore, all pointing toward a government-driven financial revolution that FinTechs can enhance further.
(From ANI)
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