The Centre was taking efforts to ensure fintech is used optimally to take various government schemes to the poor in rural areas, Union Minister of State for Finance Bhagwat Kishanrao Karad said here on Thursday.
Fintech is proving to be very useful in taking banking towards far-flung, remote, and tribal areas, says Bhagwat Kishanrao Karad.
He was delivering the keynote address at the Global Fintech Fest 2023, organised by the National Payments Corporation of India (NPCI), Payments Council of India (PCI) and Fintech Convergence Council (FCC).
The Minister said JAM (Jan Dhan, Aadhar, and Mobile) trinity was the key enabler of India’s digital landscape.
“It is a prime example of how fintech can benefit people. More than 50 crore people have benefited from Jan Dhan Yojana and Jan Dhan account holders have deposited more than ₹2 lakh crore in these accounts,” he said.
He said that fintech was proving to be very useful in taking banking towards far-flung, remote, and tribal areas.
He said fintechs would play a crucial role in making India the third largest economy from its present position as the fifth largest economy.
He further said that building trust was very crucial in finance sector and fintechs could play a role in it.
More awareness about use of fintech was needed and fraud prevention was also an area which require more attention, he added.
