On Wednesday, Finance Minister Nirmala Sitharaman called on fintech startups to come up with strong solutions to fight the rising cases of cyberfrauds in India. These include issues like fake digital arrests, online scams, and frauds carried out by unknown or shady operators.
While praising the achievements of the fintech sector, Sitharaman highlighted how these companies have played a major role in promoting financial inclusion. She noted that digital payments have now reached even the remotest corners of the country, making banking and transactions more accessible than ever before.
She proudly stated that India now handles nearly half of the world's real-time digital transactions, a major milestone that reflects the country’s rapid digital growth. She also emphasized the positive impact of the Direct Benefit Transfer (DBT) system, which has helped the government transfer over ₹44 trillion to citizens since 2014. This system has also saved ₹3.48 trillion by eliminating middlemen and reducing corruption.
The Finance Minister added that the pace of digital innovation in India is unmatched and admired by many countries around the world. She referred to a World Bank report that pointed out how India achieved 80% financial inclusion within just six years—thanks to its Digital Public Infrastructure (DPI).
In summary, while India is making great strides in digital finance, Sitharaman stressed the urgent need for fintechs to also focus on protecting users and building secure systems to prevent growing cyber threats.
