Right Decision at the Right Time”: Industry Reacts to Govt.’s Fintech Push
Attributed to: Mr Deepak Verma, MD and CEO, Findi
We welcome the establishment of the Inter-Ministerial-Industry Committee on Fintech (IMICF) as a significant step toward advancing financial inclusion and strengthening India’s digital financial ecosystem. A well-coordinated policy framework has the potential to drive exponential improvements in digital financial infrastructure, ensuring greater access for underserved communities, particularly in rural areas. Measures that enhance financial literacy and build trust in digital transactions will be instrumental in integrating small business owners, self-employed, farmers and laborers with need of digitizing cash, into India’s digital growth story.
We also look forward to measures that enable BFSI entities to scale efficiently and bring digital empowerment to the cash economy, including streamlined small-ticket digital lending and enhanced support for women entrepreneurs in financial services. Additionally, regulatory advancements such as improved ATM interchange rates, unlocking investments from savings in gold and other assets, and leveraging AI for fraud reduction will be essential in shaping a resilient and inclusive financial ecosystem.
At Findi, we remain committed to collaborating with stakeholders to drive innovation, financial accessibility, and sustainable growth across India’s fintech landscape.
Attributed to: Mr. Dilip Modi, Founder & CEO, Spice Money
“The establishment of a dedicated fintech panel by the government is a pivotal move that underscores the critical role of fintech in shaping India’s digital economy. As regulatory landscapes evolve, it is imperative to foster a framework that balances innovation with consumer protection. A streamlined regulatory approach will further strengthen last-mile delivery, allowing fintechs to continue driving financial inclusion and digital empowerment at scale.
At Spice Money, we have seen how supportive policies can transform lives. Our network of over 15 lakh Adhikaris/Merchant across Bharat is delivering essential financial services to underserved communities. The fact that senior officials from key departments such as MeitY, DPIIT, the Department of Economic Affairs, and NITI Aayog are coming together highlights the government’s commitment to understanding the views of various industries. This collaborative approach will ensure that the committee identifies challenges, analyzes global best practices, and makes comprehensive recommendations for a robust fintech ecosystem.
For a thriving fintech ecosystem, it is essential to address key issues such as the classification of fintech models, integrating non-bank business correspondents more effectively, and enabling banks to adopt face authentication for cash deposits and withdrawals to enhance financial inclusion. Moreover, ensuring the sustainability of fintechs by addressing challenges like cash flow disruptions often caused by account lockouts will help in fostering long-term growth and resilience.
A well-defined regulatory framework can further accelerate entrepreneurship, enhance financial literacy, and integrate millions of unbanked and underbanked individuals into the formal economy. We also hope that the government will think about enhancing the conditions of the Business Correspondents in India as they are the backbone of providing digital financial inclusion services across Bharat. This will ensure that no one is left behind in India’s financial growth journey, fostering inclusive development and digital empowerment at scale.”
