India Urges Fintechs to Close Inclusion Gaps, Plug Cyber Risks

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India’s fintech firms must push deeper into underbanked areas, innovate with offline payment solutions, and strengthen their cybersecurity posture using artificial intelligence, Department of Financial Services secretary M. Nagaraju said on Monday.

Speaking at the Confederation of Indian Industry’s Financial Inclusion and FinTech Summit in New Delhi, Nagaraju said fintechs were well placed to innovate beyond urban centers and help achieve the country’s growth and poverty alleviation objectives aligned with the UN Sustainable Development Goals.

He noted that the government’s financial inclusion push since 2014 had lifted adult bank account penetration from 35% to 90%, creating a platform on which fintechs can build.

He called for innovation in offline payment solutions to reach underserved regions, deployment of advanced AI tools to combat fraud and cyberattacks, and a renewed emphasis on transparent grievance redressal to protect consumers.

Nagaraju tied fintech innovation directly to global development imperatives, pointing out that seven of the UN’s 17 Sustainable Development Goals hinge on expanding financial access.

He also highlighted how schemes like PM Jan Dhan Yojana, PM Jeevan Jyoti Bima Yojana, and Atal Pension Yojana have built the digital and financial infrastructure that fintech firms can now leverage to deliver impact at scale.