Shri M Nagaraju, Secretary, Department of Financial Services (DFS), M\o Finance holds discussions with Fintech Ecosystem Partners on 7th Jan 2024 with officials from RBI, NPCI, FIU-IND & MeitY also present there. The meeting saw participation from around 60 Founders/ Co-Founders of various Fintech entities and Fintech Associations.

The meeting aimed at collecting feedback and suggestions from the stakeholders fostering an ecosystem that encourages an open exchange of ideas aimed at elevating the Fintech sector to a global standard. 
 

Secretary, @DFS_India, M Nagaraju chaired a meeting with Fintech Ecosystem Partners, senior officials of @RBI, @NPCI_NPCI, FIU-IND, @GoI_MeitY, and founders of #Fintech entities #Aadhar, #UPI, AePS among others have acted as enablers for FinTech sectors, said the Secretary

The… pic.twitter.com/lbfj0c6cfZ

— PIB India (@PIB_India) January 8, 2025

Pertaining issue 

Throughout the meeting, one of the most important issues that was raised and discussed widely was the need for fintech companies to continue delivering constant innovations to customers, keeping the digital revolution in motion, and adhering to strict regulatory compliances. 

Invisible enablers 

The council also acknowledged the role of Aadhar, UPI, and AePS among others who have acted as enablers for the FinTech sector. Their role yet limited, surpasses major tech innovations ushered by many fintechs as in the case of UPI which is like most widely adopted fintech innovation to date in India. 

While private companies are doing their bit, UPI has been one of the most successful and widely adopted payment methods in India today. As of 2023-2024, the total number of Unified Payments Interface (UPI) transactions in India reached an all-time high of 131 billion, according to a report by the GoI. It makes up around 80 percent of Digital payments made in India. 

RBI’s efforts for a robust FinTech Ecosystem 

RBI also informed the council regarding various initiatives it has taken at its end including developing an Emerging Tech and Fintech Repository for capturing baseline information in a secured and confidential manner, launching a Unified Lending Interface (ULI), and urged NBFCs to onboard on the ULI platform, conducting regular interactions with fintech ecosystem and also working on video-based KYC projects in their regulatory sandbox framework.

India’s Fintech Ecosystem 

India’s fintech ecosystem is made up of government as well as private companies making digital payments and financial decision-making seamless and quick, just at the fingertips. India’s fintech industry is the 3rd largest globally, only after the US & UK with around 10,200 registered fintech startups. 

India has a significant number of Unicorns in its Fintech hat, such as Paytm, Phonepe, Razorpay, Cred, Bharatpe, etc., and Semicorns, such as Swipe, Mobikwik, DotPe, and PayMate, among others. 

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