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Finance Minister assures government’s support to fintech industry
Jun-19-2025

Finance Minister Nirmala Sitharaman held a review meeting with fintech firms and has assured government’s support to the industry. Emphasizing the opportunities for creating new markets, she urged fintech firms to view rural India as a fertile ground instead of just a social responsibility. She also highlighted that in just three years nearly 700 entities as of FY25 across banking, insurance, securities, and pensions have joined the Account Aggregator (AA) platform, up from only 24 in FY22. She added the number of accounts linked through AA has soared to over 15 crore, compared to a mere 1.5 lakh in FY22 - driving loans worth over Rs 88,700 crore and empowering nearly 1 crore personal finance management users, while lowering onboarding costs for intermediaries.

Sitharaman has asked fintech startups to come out with solutions to deal with the rising incidence of digital arrests, cheating by fly-by-night operators, and other kinds of cyber frauds. She pointed out that another major threat is deepfake technology, which is causing a lot of damage to the public in large. She emphasized the need of addressing such threats and setting up fintech companies which are constantly working to give solutions for the newer challenges which are arising.

Encouraging the fintechs to explore global market opportunities, she said Indian fintech innovations have the potential to become global public goods which can benefit other emerging and developed economies, and added that fintech should not only 'Make in India' but also 'Make for the world'. She also added that this will open new markets for Indian firms and they must aim to export country’s successful models abroad and capture global markets.

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