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.