Fintechs Playing A Huge Role In Financial Inclusion: Union Minister, Dr. Bhagwat Kishanrao Karad at GFF 2022
Mumbai, September 22, 2022: On the final day of Global Fintech Fest (GFF) 2022, Dr. Bhagwat Kishanrao Karad, Minister of State for Finance, Government of India pointed out that the fintech revolution was key to India’s pro gress. While talking about the growth of India’s fintech sector and how Fintechs were changing businesses, con sumers, and the world, one innovation at a time, he said, “Fintechs have played a huge role in financial inclusion which is a key agenda of the Indian Government led by PM Narendra Modi.”
Organised and presented by the Department of Economic Affairs, Ministry of Finance, Government of India, Re serve Bank of India, International Financial Services Centres Authority (IFSCA), National Payments Council of In dia, the Payments Council of India (PCI) and the Fintech Convergence Council (FCC). GFF 2022 is being held bet ween September 20 and 22, 2022 at the Jio World Convention Centre in Mumbai. Pre-event festivities began vi rtually on September 19, 2022. This is the third edition of the Global Fintech Fest, and the first one where doma in experts are participating from across the globe in-person and virtually.
In his keynote address, the minister emphasized the need for innovation in fintech and stated, “India is a global leader in digital transactions and financial inclusion. I am delighted to see fintech entrepreneurs discuss the pr ogress of technological innovation at Global Fintech Festival. I want to assure Indian entrepreneurs that the In dian Government is there to support them in every possible way including infrastructure or finance. If India has to progress, fintech innovation is very important.”
“India is continuously innovating in financial technology and is on its way to adopting digital rupee/currency controlled by RBI. It will play a key role in India’s economy,” said Dr. Karad in his concluding remarks.
GFF 2022 is being supported by the Unique Identification Authority of India (UIDAI), National Investment Pro motion & Facilitation Agency (Invest India), Startup India, Reserve Bank Innovation Hub (RBIH) and ONDC. Sp ecial Partners of GFF 2022 are World Bank Group, United Nations Capital Development Fund, BIS Innovation Hub, KNOMAD, Better Than Cash Alliance and International Finance Corporation (IFC).
About Fintech Convergence Council (FCC)
Setup in 2017 as a fintech committee, Fintech Convergence Council was later converted into an independent co uncil with its independent governing board, with over 70 members. The FCC represents various players in the fintech, banking, financial services, and technology space. The FCC works towards the penetration of financial services with the aim of financial inclusion and moving towards a digitally empowered country. It creates oppo rtunities for collaboration and convergence among various players in the financial services domain. Committees under FCC are Lending, Wealth Management, Insurance, Neo-Banking and Regtech.
About Payments Council of India (PCI)
The Payments Council of India (PCI) was formed in 2013 catering to the needs of the digital payment industry. The Council was formed inter-alia for the purposes of representing the various regulated non-banking payment industry players, to address and help resolve various industry level issues and barriers which require discussion and action. The council works with all its members to promote payments industry growth and to support our na tional goal of ‘Less Cash Society’ and ‘Growth of Financial Inclusion’ which is also the vision shared by the RBI a nd Government of India. PCI works closely with the regulators i.e. Reserve Bank of India (RBI), Finance Ministry and similar government, departments, bodies or Institution to make ‘India a less cash society’.
