DFS Secy calls for fintech push in rural and NE India, particularly through UPI

Financial Services Secretary M Nagaraju on Tuesday urged fintech companies to consistently deliver innovative solutions to the financial services industry while adhering to strict regulatory compliance. The meeting, chaired by the secretary, with partners from the startup and fintech ecosystem, was designed to foster an open exchange of ideas aimed at elevating the fintech sector to a global standard. Secretary, DFS stated that the Government has taken up various initiatives to create an enabling environment for the Fintechs. It was noted that Aadhar, UPI, AePS among others have acted as enablers for FinTech sectors. Similarly, Regulatory sandbox, Fintech repository, SRO Framework for Fintech, etc have facilitated the fintech eco-system in India. Secretary, DFS recognized the rapid growth of India's Start-up and Fintech sectors, especially in the last ten years. He pointed out that the digital payment infrastructure plays a crucial role in the fintech industry's expansion, highlighting the need to improve digital payment systems in rural and north east regions, particularly through UPI, and to encourage lending based on digital footprints for MSMEs.

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