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GEF was jointly organized by the Payments Council of India, National Payments Corporation of India, and Fintech Convergence Council.
- Fintech (Financial Technology) rely primarily on technology and cloud services to provide financial services to customers (like Paytm, PhonePe).
Fintech in India
- Adoption rate of Fintech in India is 87% (global average is 67%).
- Due to JAM trinity (Jan Dhan, Aadhaar and Mobile), India accounts for approximately 50% of the world’s digital transactions.
- Industry received over $31 billion in investments and saw startup growth of 500% in the last 10 years.
Key Roles of India’s Fintech Sector
- Democratizing financial services:
- UPI has enabled 24 X 7 banking services closing the rural-urban divide in banking services.
- Fintech have facilitated easy loan for street vendors under PM SVANIDHI Scheme.
- Women Empowerment:
- Over 29 crore Jan Dhan accounts have been opened for women, which facilitates connecting self-help groups to banks and benefiting.
- 70% of Mudra Yojana beneficiaries are women.
- Tackling Parallel Economy:
- Digital financial transactions have improved transparency tackling black money.
- Direct Benefit Transfer has prevented leakages in the government welfare schemes.
- Business opportunities for small entrepreneurs:
- Open Network for Digital Commerce is connecting small businesses to bigger opportunities.
- Liquid and cash flow of small institutions are improving due to trade platforms and a digital voucher like e-RUPI.
- Dignity and Quality of Life:
- Fintech have played a key role in Digital India by facilitating remote healthcare services, digital education and skill learning.
Some key initiatives for facilitating Fintech growth in India
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