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DFS Secretary urges fintechs to expand inclusion, use AI for security
'There is a critical role of fintechs in advancing financial inclusion and consumer protection,' said Nagaraju during the inaugural session of the third Financial Inclusion and Fintech Summit, organised by the Confederation of Indian Industry (CII) in New Delhi.
Nagaraju also highlighted that financial inclusion is increasingly recognised as a major factor in economic growth and poverty alleviation globally.
He pointed out that seven of the 17 United Nations Sustainable Development Goals (UN SDGs) are directly connected to financial inclusion. This, he said, underscores the importance of improving access to financial services for unbanked and under-served populations.
Nagaraju further highlighted the government's sustained efforts in fostering a supportive ecosystem for fintech innovation, underpinned by strong digital infrastructure and transformative welfare schemes. Notable among these are the Jan Dhan Yojana and Jan Suraksha Schemes, including the Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Swanidhi Yojana and the Atal Pension Yojana, which have significantly expanded the reach of formal financial services.
In response to this situation, the Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched in 2014 to improve financial access. Now, 99 per cent of adults in India have bank accounts. This scheme enabled lakhs of Indians to open bank accounts and integrate into the formal financial system, he added.
At the same event, Shaji KV, Chairman of the National Bank for Agriculture and Rural Development (NABARD), emphasised that India's journey towards Viksit Bharat can gain momentum only when the masses—particularly the rural population—become active stakeholders in the nation's growth story. He said the rising aspirations within rural communities can be effectively addressed through greater efficiency in financial operations, enabled by fintech innovations.
Shaji further highlighted the need for disruptive innovation in the sector and called for focused efforts to address challenges such as interoperability and Know Your Customer (KYC) norms in line with economic activities. He underscored the transformative potential of digital public infrastructure, especially in sectors such as agritech, fisheries tech and cooperative tech, which can play a crucial role in enhancing per capita rural incomes through scalable digital applications.
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