Published on June 22nd, 2020
Addressing a virtual CII seminar on ‘Fintech and Digitization’ on June 13, 2020, NITI Aayog CEO Amitabj Kant said that there was a huge opportunity for Indian financial technology (fintech) companies.
However, he also emphasized the need to re-evaluate existing KYC norms.
While addressing the seminar, he said that more than 80% of adult Indians now have access to banks. This is a significant achievement. He said the Indian fintech market will mature and there is a need to make the country a fintech hub.
According to him Indian fintech sector has opportunities for both existing and new players. Now, this sector needs to be made more cost effective so that players can adapt and grow.
When leaders in western countries still figuring out distribute money to people, India has successfully digitized financial sectors. Video on boarding and use of AI can be the way forward,” he said.
The Niti Aayog CEO Said That:
- India needs low cost, high volume products and flow-based lending to give push to financial integration.
- India will have to build good infrastructure.
- Because of Covid pandemic, there will be more faceless transactions than ever.
- India can solve India’s unique needs like financial inclusion, access to credit and limited insurance reach.
- He also emphasized on the need to localize digital offerings by fintech companies and allow for local dialects, languages for a holistic financial integration.