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"India should now target Digitization with enough safety measures"- Minister of State for Finance, Dr Karad
Oct 05, 2021

The Minister of State for Finance believes that India should now target digitization with enough safety measures.

"We (India) must now target secure and sustainable digitization," said the Minister of State for Finance, Dr Bhagwat Kishanrao Karad while addressing the Inaugural Session of the CII FinTech Summit.

The Minister sought the help of CII in attaining 100% financial inclusion.

Dr Karad pointed out that the India outpaces all global countries in its FinTech adoption rate.

The Minister of State also elaborated on the various regulations that the Government and other regulators have initiated to further the FinTech movement in the country – like the NPCI, the Digital India initiative, Bharat Bill Payments System and the UPI.

Dr Bhagwat Kishanrao Karad also assured during the session that the Government is working towards bringing the number of Jan Dhan Accounts higher, especially in the aspirational districts.

Dr Karad also suggested that the Government must develop some kind of a new technology which could be attached to regular phones, to make the access to Jan Dhan Accounts for those who do not own smartphones easier.

Speaking earlier at the session, Mr Sanjiv Bajaj, President Designate, CII highlighted that "in the last few years, technology and with it digital services have started disrupting multiple industries" and that "the last year and a half through the pandemic has further accelerated this adoption towards digital services."

Also speaking at the session was Dr Janmejaya Sinha, Chairman, CII National Committee on Financial Inclusion and FinTech and Managing Director & Senior Partner; Chairman – India, the BCG, who was optimistic of India’s FinTech prowess and said that "there is no country that has the same FinTech stack like India."

The CII FinTech Summit is a two-day event streaming on CII HIVE platform where industry players, regulators and the Government come together to take policy advocacy decisions.

5 October 2021

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