September 22, 2022
2 mins read

Fintech, a force multiplier: RBI Guv

This is the third edition of the Global Fintech Fest, and the first one where domain experts are participating from across the globe in-person and virtually…reports Asian Lite News

RBI Governor Shaktikanta Das in his address to the Global Fintech Fest (GFF) 2022 marked the theme of his talk as Fintech as a Force Multiplier.

“Technology, innovation and fintech are working in tandem and contributing to the dynamism of the sector. In our journey towards higher level of sustainable development and financial inclusion, these forces morphed into force multipliers,” Das said.

“We see lot of opportunities not only for enhancing the scope and depth of all that is happening in the fintech sector, but also the way it can deepen financial inclusion and enhance its footprint in the journey of our country towards 2047. I think there is a lot of potential and if the regulator and the fintech players work together, we can create several milestones in our journey towards India at 2047,” he explained.

“The next decade of finance will be more focused on two central themes – sustainable development and technology-led innovations transforming the lives of the common people,” Das added.

“The total number of broadband internet users in India stood at 80.7 crore at the end of July 2022. Similarly, with more than 46.5 crore Jan Dhan accounts and 120 crore mobile connections, new opportunities are opening up for implementing innovative ways of integration and development. This is reflected in the emergence of 100 unicorns in the country, with a record of 44 unicorns established only during the last year,” he underlined while talking about the exponential growth India has witnessed in recent years.

The RBI Governor was joined by Kris Gopalakrishnan, Chairman, GFF 2022 Advisory Board, Chairman, Axilor Ventures, and Co-founder, Infosys.

Organised and presented by the Department of Economic Affairs, Reserve Bank of India, International Financial Services Centres Authority (IFSCA), National Payments Council of India, and Fintech Convergence Council (FCC), the Global Fintech Fest aims to demonstrate India’s fintech ecosystem to the world, creating solutions for six billion global consumers and driving financial inclusion adoption for the 1.4 billion unbanked adults at an even higher pace.

This is the third edition of the Global Fintech Fest, and the first one where domain experts are participating from across the globe in-person and virtually.

ALSO READ: Insurtech platform Zopper eyes global expansion

Previous Story

Meta, Salesforce team up to boost ‘WhatsApp’ business

Next Story

‘Fintech market set to reach $1 tn by 2030’

Latest from Business

PM Modi: India poised to lead next tech wave

PM Modi underscored that the country is poised to lead the next wave of digital transformation in 5G…reports Asian Lite News Prime Minister Narendra Modi on Wednesday hailed India’s progress in expanding

India Hits 100GW Solar

The expansion is not only in scale but also in quality, with significant capacity dedicated to high-efficiency modules. Many manufacturers have adopted vertically integrated operations, enhancing quality, reducing costs, and improving resilience

Jewellery Exports Shine Bright

The GJEPC noted that product diversification has played a major role in sustaining momentum. Lightweight and contemporary designs are gaining traction among younger global consumers, helping Indian jewellers appeal to a wider

China Curbs Hit India’s Electronics Boom

The ICEA noted this results in delays, inefficiencies, and higher costs — alternatives from Japan or Korea cost up to four times more than Chinese machinery. India’s transformation into a global electronics
Go toTop

Don't Miss

I.N.D.I.A. Parties to Exert Pressure on Congress in Seat Talks

The victory in Telangana came as a big solace for

Indian students being exploited in Canada for ‘cheap labour’

With 1.83 lakh Indian students pursuing education at various levels