DFS Secretary urges fintechs to focus on driving offline payment solutions
M Nagaraju on Monday urged
fintechs
to focus on driving
offline payment solutions
to enhance financial inclusions.
"I would like to request fintechs to focus their attention on payment solutions for offline payment," Nagaraju said at the
CII Summit
on
Financial Inclusion
and FinTech.
He highlighted that financial inclusion is increasingly recognised as a major factor in economic growth and poverty alleviation on a global scale.
by Taboola
by Taboola
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He pointed out that seven of the 17 United Nations Sustainable Development Goals (UN SDGs) are directly connected to financial inclusion. This suggests the importance of improving access to
financial services
for the unbanked and under-served populations, he said.
To illustrate progress made in India, he recalled data from before 2014, when only about 35 per cent of adults in India had access to a bank account, as estimated by the
Global Findex Database
.
Live Events
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.
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