Sitharaman ask fintechs to find solutions to prevent digital arrests, cyber frauds
Speaking at the Digital Payments Awards 2025 ceremony here, the minister credited fintechs with helping speed up financial inclusion and taking the payment system to even the far-flung areas of the country.
New Delhi, Jun 18 (PTI) Finance Minister Nirmala Sitharaman on Wednesday asked fintech startups to come out with solutions to deal with the rising incidence of digital arrests, cheating by fly-by-night operators, and other kinds of cyber frauds.
Another major threat, Sitharaman pointed out, is deepfake technology, which is causing a lot of damage to the public in large.
'Today, we should take care in addressing them so we need a set of fintech companies which are constantly working to give solutions for the newer challenges which are arising,' she said.
She also called upon the fintech sector to further expand the digital lending facilities to the key MSME sector.
Indian fintech innovations have the potential to become global public goods that can benefit other emerging and developed economies. This will open new markets for Indian firms, she added.
International merchant payments through UPI are now accepted at select merchant outlets in seven countries — Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka and the UAE.
'Our players must aim to export our successful models abroad and capture global markets. We have the talent, we have the market scale and we have the proven solutions,' she said.
This, she said, will open up new markets for domestic firms.
The Indian fintech market is projected to grow to over USD 400 billion by 2028-29.
'That's not too far away. Just three years. Reflecting on an anticipated annual growth of 30 per cent, the scale of opportunity is immense. I firmly believe its best chapters are yet to be written.
'Together, let us innovate, include, and inspire. Innovate new solutions fearlessly, include every citizen in your vision, and inspire the world with what India can achieve,' she said.
Noting that India now actually accounts for almost half of all real-time digital transactions in the world, she said, direct benefit transfer (DBT) has saved a lot of money by plugging leakages.
About Rs 44 lakh crore have been transferred through DBT since 2014 and Rs 3.48 lakh crore have been saved.
The minister said the speed at which innovation is happening in India is just a dream for many other countries.
'Several advanced countries are nowhere close to the kind of momentum our fintech companies have achieved, not just in terms of progress in their respective areas but also in creating entirely new paradigms.
'This is something which is very unique of the Indian fintech sector,' she added.
A World Bank study found that India achieved a financial inclusion rate of 80 per cent in just six years through Digital Public Infrastructure (DPI), Sitharaman said.
Some observers who have gone through this report have said that this feat would have otherwise taken nearly 50 years, she said.
On customer service, she said the future of finance will be 'Phygital' — physical and digital — so it is important to leverage the reach of technology as well as have physical presence, to serve customers better and build trust over time.
Speaking on the occasion, Minister of State for Finance Pankaj Chaudhary highlighted the foundational role of the banking sector and fintechs in powering India's digital financial transformation.
He underlined that banks have built infrastructure and trust while fintechs have driven innovation and user-centric design together, making digital payments an everyday reality.
Financial Services Secretary M Nagaraju said in his address that India's digital payments sector has grown exponentially in the past few years.
In FY 2024-25, UPI achieved a landmark 18,587 crore transactions amounting to 261 lakh crore. This growth is a result of innovation and user-centric approach. PTI DP NKD DIV DIV
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
9 minutes ago
- Economic Times
Crizac IPO fully subscribed on Day 2 on NII, retail push; GMP rises to 15%
The initial public offering (IPO) of Crizac Limited was fully subscribed on Day 2 of bidding, Thursday, July 3. ADVERTISEMENT The offer received bids for 2.73 crore shares against 2.58 crore shares on offer. Demand was led by non-institutional investors (NIIs), who subscribed 1.77 times their allocated quota, followed by retail investors at 1.31 times. The qualified institutional buyers (QIB) segment saw a subscription of 10%. In the grey market, Crizac shares were trading at a premium of Rs 36–39, up from Rs 22–25 on Day 1, indicating a grey market premium (GMP) of around 15%, compared to 9% earlier. The Rs 860 crore IPO is entirely an offer-for-sale (OFS) of 3.51 crore equity shares, priced in a band of Rs 233–245 per share. The issue closes on July 4, and the listing is expected on July 9 on both BSE and NSE. Founded in 2011, Crizac operates a B2B international education platform that connects universities in the UK, Canada, Ireland, Australia, and New Zealand with a global network of over 10,000 student recruitment agents. It sources applications from more than 75 countries via its proprietary tech platform. The company has demonstrated robust growth — revenue rose from Rs 274 crore in FY23 to Rs 849 crore in FY25, marking a CAGR of 76%. Net profit grew from Rs 110 crore to Rs 152 crore over the same period. FY25 EPS stood at Rs 8.74, with a net margin of 18%. ADVERTISEMENT Crizac is a debt-free company with strong cash flows, reflecting a healthy balance sheet. At the upper price band, the IPO is valued at a P/E of 28x and P/B of 9x based on FY25 earnings — roughly in line with its listed peer IndiaMART. Analysts say Crizac is well-positioned to benefit from India's growing overseas education market, projected to cross 2.5 million outbound students by 2030. Its scalable B2B model, focus on Tier-1 geographies, and proprietary platform give it a unique edge. ADVERTISEMENT However, potential investors should monitor regulatory tightening in key markets like the UK and Canada, which could impact student inflows and growth momentum.'Crizac combines digital scale, a rising global education trend, and consistent financial performance — elements that long-term investors typically prize. Subscribe for long-term gains,' said Canara Bank Securities. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Mint
20 minutes ago
- Mint
Multibagger recycling stock delivers 560% return in 3 years, 4000% in 5. Are you holding it?
Small cap multibagger stock in focus: Stock market investing is often seen as a journey of patience and strategy. Those who can spot potential in companies early on and hold onto their investments tend to be rewarded the most. Unlike the quick profits from short-term trading, long-term investors understand the value of sticking with companies that demonstrate strong fundamentals, growth prospects, and industry leadership. In this context, Gravita India is a stock that has rewarded its long-term shareholders with phenomenal returns by maintaining a steady upward trajectory year after year. The company is one of the largest lead recyclers in India in the organized lead recycling market. Despite a sharp pullback in recent months amid market volatility and profit booking, Gravita India' stock is still trading with a massive 560% gain over the last three years and a phenomenal 4000% gain over the past five years, making it one of the biggest wealth creators in the Indian stock market. Looking at the long-term horizon, the stock, from its 2013 low of ₹ 21, has gained 900% to trade at the current price of ₹ 1859 apiece. The stock has delivered positive returns every year since 2020, with CY21 emerging as the best year, during which it rallied 280%. Meanwhile, the company has successfully raised ₹ 1,000 crore via a Qualified Institutional Placement (QIP), earmarked for growth capex, working capital, and debt reduction. The company is expected to be a beneficiary of the government's latest regulation on battery waste management, as the same would result in strong double-digit volume growth for its India-led sales volume. Moreover, the company is implementing sizable capacity expansion plans for existing recycling verticals in India as well as in the overseas business. Focusing on diversifying into the new recycling vertical, i.e., rubber, steel, paper, e-waste, and lithium, is expected to stream new business avenues and would support achieving management's 2029 target of 25%+/35%+ revenue/PAT CAGR along with 25% RoCE. Domestic brokerage firm, Sharekhan has recently reinitiated coverage on Gravita India with a positive view, projecting a 26% upside from the current market price as the brokerage sets ₹ 2280 as the target price. The brokerage said the company offers a compelling play on regulatory tailwinds, capacity expansion, and strategic forays into new recycling verticals. With a strong track record and expected revenue/PAT CAGR of 27%/30% over FY25–FY27E, it believes Gravita is well-positioned to sustain growth. Government emphasis on circular economy initiatives and the company's goal to increase the share of non-lead and value-added products to 30%+/50%+ respectively could act as key re-rating catalysts. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
Time of India
21 minutes ago
- Time of India
RPower, Reliance Infra shares tumble up to 5% after SBI flags RCom loan as fraud
Shares of Reliance Power and Reliance Infrastructure tumbled in Thursday's trade after the State Bank of India (SBI) classified the loan account of Reliance Communications (RCom) as fraud, implicating the company's former director, Anil Ambani, Times of India reported. Reliance Power slipped 4.8% to Rs 64.75, while Reliance Infra hit the 5% lower circuit at Rs 377.45 on the BSE. According to RCom's disclosure dated July 1, SBI has informed the company of its intent to report Anil Ambani's name to the Reserve Bank of India (RBI), setting the stage for another legal battle amid the company's ongoing insolvency proceedings under the National Company Law Tribunal (NCLT). The fraud classification is based on a 2020 forensic audit by BDO, which found irregularities and prompted SBI's internal panel to act. Canara Bank had earlier classified the loan as fraud in November 2024, but the Delhi High Court later set aside that order. In its latest review, concluded on June 13, SBI's committee highlighted financial irregularities, including the alleged diversion of Rs 12,692 crore — about 41% of the total Rs 31,580 crore in loans — to connected parties. The report cited misuse of sanctioned funds, routing money through subsidiaries to mask transactions, and circular funding via inter-corporate deposits and intraday limits. RCom, currently managed by a resolution professional under the Insolvency and Bankruptcy Code (IBC), said the fraud classification would have 'NA' impact, citing protections available once a resolution plan is in place. Anil Ambani's legal team, Agarwal Law Associates, said SBI's action was passed ex parte and violated principles of natural justice. They argued that the show-cause notices were outdated under revised RBI norms, that Ambani held no executive role in the company's operations, and that the bank failed to share essential documents required for a proper response. The lawyers noted that similar notices had been withdrawn against other non-executive and independent directors, alleging Ambani had been unfairly singled out. They have requested the withdrawal of SBI's order and a personal hearing. The legal team also claimed the move defies several rulings by the Supreme Court, Bombay High Court, and RBI regulations, stating that Ambani's objections were ignored for nearly a year and that the bank failed to disclose the basis of its decision. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
