DFS advised that Fintech must be a major factor in financial inclusion

In order to accelerate financial inclusion, fintech firms must concentrate on offline payment solutions. Department of Financial Services Secretary M Nagaraju made these remarks at the CII Summit on Financial Inclusion and Fintech.

Financial inclusion is an initiative to provide financial products and services that are accessible and affordable for all individuals and businesses. Fintech firms, or financial technology firms, employ technology to deliver and enhance financial services.

Nagraju said that fintech should also increase the use of technology like artificial intelligence (AI) to increase consumer convenience. Apart from this, he also underlined that in today's time, financial inclusion is being considered a major factor in economic development and poverty alleviation globally.

The secretary said that companies should focus on consumer protection. It should be ensured that there is no injustice to the consumers using your platform, their complaints are resolved on time and they are fully protected.

He informed that seven out of the 17 Sustainable Development Goals (UN SDGs) of the United Nations are directly related to financial inclusion. This shows the importance of improving access to financial services for the unbanked and underprivileged population.

Nagaraju informed about the progress made towards financial inclusion in India. According to the estimates of the Global Findex Database, only 35 percent of adults had access to a bank account before 2014. Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched in 2014 to improve financial access. Today, 99 percent of adults in the country have bank accounts. He said that through this scheme, Indians have been connected to the formal financial system.