Fintechs Urged to Expand Offline Payment Solutions for Financial Inclusion

DFS Secretary M Nagaraju calls on fintechs to enhance offline payment solutions, underscoring their role in achieving global financial inclusion. Speaking at the CII Summit, he highlighted financial inclusion's link to economic growth, supported by initiatives like the Pradhan Mantri Jan Dhan Yojana, which increased bank access in India.

DFS Secretary M Nagaraju urged fintech companies on Monday to amplify their efforts in developing offline payment solutions to boost financial inclusion.

Addressing the CII Summit on Financial Inclusion and FinTech, Nagaraju emphasized the critical role of payment solutions in fostering economic growth and tackling poverty worldwide.

He highlighted the alignment of financial inclusion with seven of the United Nations Sustainable Development Goals, reflecting the necessity of extending financial services to the unbanked. Nagaraju noted India's advances, citing the Pradhan Mantri Jan Dhan Yojana, which since 2014, has increased adult access to banking from 35% to 99%.

(With inputs from agencies.)