FinTechs playing a huge role in financial inclusion: Union Minister, Dr. Bhagwat Kishanrao Karad at GFF 2022

Mumbai, September 22, 2022: On the final day of Global Fintech Fest (GFF) 2022, Dr. Bhagwat Kishanrao Karad, Minister of State for Finance, Government of India pointed out that the fintech revolution was key to India’s progress. While talking about the growth of India’s fintech sector and how Fintechs were changing businesses, consumers, and the world, one innovation at a time, he said, “Fintechs have played a huge role in financial inclusion which is a key agenda of the Indian Government led by PM Narendra Modi.”

Organised and presented by the Department of Economic Affairs, Ministry of Finance, Government of India, Reserve Bank of India, International Financial Services Centres Authority (IFSCA), National Payments Council of India, the Payments Council of India (PCI) and the Fintech Convergence Council (FCC). GFF 2022 is being held between September 20 and 22, 2022 at the Jio World Convention Centre in Mumbai. Pre-event festivities began virtually on September 19, 2022. 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.

In his keynote address, the minister emphasized the need for innovation in fintech and stated, “India is a global leader in digital transactions and financial inclusion. I am delighted to see fintech entrepreneurs discuss the progress of technological innovation at Global Fintech Festival. I want to assure Indian entrepreneurs that the Indian Government is there to support them in every possible way including infrastructure or finance. If India has to progress, fintech innovation is very important.”

“India is continuously innovating in financial technology and is on its way to adopting digital rupee/currency controlled by RBI. It will play a key role in India’s economy,” said Dr. Karad in his concluding remarks.

GFF 2022 is being supported by the Unique Identification Authority of India (UIDAI), National Investment Promotion & Facilitation Agency (Invest India), Startup India, Reserve Bank Innovation Hub (RBIH) and ONDC. Special Partners of GFF 2022 are World Bank Group, United Nations Capital Development Fund, BIS Innovation Hub, KNOMAD, Better Than Cash Alliance and International Finance Corporation (IFC).