Financial Services Secretary M. Nagaraju has called upon India’s fintech sector to take a leading role in driving financial inclusion by developing solutions for offline payments, voice-based authentication, cross-border transactions, and robust cybersecurity. Speaking at the CII Financial Inclusion and Fintech Summit, he emphasized the potential of fintechs to support economic development and poverty reduction globally through enhanced access to formal finance.
Offline and Voice-Based Payment Solutions
Nagaraju urged fintechs to focus on offline payment systems—vital in areas with poor connectivity—alongside voice-based authorization tools to serve users with limited digital literacy. These innovations aim to extend financial services into remote and rural regions, aligning with India’s commitment to achieving full financial inclusion.
AI-Driven Cybersecurity and App Tamper Protection
He underscored that fintechs must deploy artificial intelligence-powered safeguards to combat fraud, hacking, and cyber threats. Emphasizing proactive defenses, he asked companies to build tamper-proof financial apps and low-cost security measures to uphold consumer trust and protect vulnerable users.
Consumer Education and Protection
Noting that financial illiteracy often leads to fraud victimization, Nagaraju highlighted the fintech ecosystem’s role in educating users and ensuring fair treatment, timely grievance redressal, and robust consumer protection frameworks. He connected these efforts to global development goals, citing that seven out of the 17 UN SDGs are closely tied to financial inclusion.
Milestones and Infrastructure Support
Recalling India’s journey from only 35% adults having bank accounts pre-2014, he noted that initiatives like PM Jan Dhan Yojana now cover nearly 99% of villages, with 556 million accounts and deep rural penetration. He further cited schemes like PMJDY, PM Suraksha Bima, PM Jeevan Jyoti Bima, and Atal Pension Yojana as foundational pillars that fintechs can enhance through digital innovation.
Role of Fintechs in Rural and MSME Empowerment
Emphasizing fintech’s capacity to empower rural India and micro-entrepreneurs, Nagaraju said the sector should capitalize on these platforms to deliver inclusive financial services, aligning with broader national goals. He also called for fintech-banking collaboration in credit delivery using digital footprints to benefit MSMEs and underserved segments.
