Reserve Bank of India wants fintech as force multiplier

NEW DELHI: 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 a higher level of sustainable development and financial inclusion, these forces morphed into force multipliers," Das said.

"We see a 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 in 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 crores 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.

Organized 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. (IANS)

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