NEW DELHI— Fintech companies must leverage emerging technologies like artificial intelligence (AI) not only to extend financial services to underserved communities but also to build strong defenses against fraud, hacking, and cyber threats, a top government official said on Monday.
Speaking at the inaugural session of the third ‘Financial Inclusion and Fintech Summit’ organized by the Confederation of Indian Industry (CII), Nagaraju Maddirala, Secretary of the Department of Financial Services (DFS), emphasized the growing importance of fintech innovation in ensuring both financial inclusion and consumer protection.
“With India’s digital payments ecosystem maturing rapidly, its impact is now extending beyond our borders to parts of the Global South,” Nagaraju said.
He reaffirmed the government’s commitment to expanding financial inclusion and democratizing access to credit. Nagaraju noted that India’s fintech growth is backed by robust digital infrastructure and transformative welfare programs such as the Jan Dhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Swanidhi Yojana, and the Atal Pension Yojana. These initiatives have significantly expanded formal financial access across the country.
He also pointed out that a large share of these services and loans have benefited women, furthering their empowerment and supporting inclusive economic development.
“It is a matter of great pride for every Indian that we are far ahead of many other countries in digital payment systems. In fact, we are now expanding this ecosystem internationally. We already have a presence in seven countries and are in discussions with several more,” he told the gathering.
Shaji KV, Chairman of the National Bank for Agriculture and Rural Development (NABARD), stressed that India’s journey toward becoming a developed nation—Viksit Bharat—requires active participation from rural communities.
He noted that the rising aspirations in rural India can be met through more efficient financial operations, driven by fintech innovation. He called for disruptive solutions to challenges such as interoperability, KYC regulations, and economic integration.
Shaji also emphasized the transformative potential of digital public infrastructure in sectors like agritech, fisheries tech, and cooperative tech. Scalable digital solutions in these areas, he said, could significantly improve per capita rural income.
He added that NABARD is working to integrate all Regional Rural Banks (RRBs) into a common digital framework and is digitizing agricultural value chains to help bridge the rural–urban divide. He also stressed the role of fintech in promoting financial access for women.
Prashant Kumar, Chair of the CII National Committee on Fintech and Managing Director and CEO of YES BANK, said that as India advances toward Viksit Bharat, inclusive economic growth—especially for marginalized groups—remains a top priority. This, he noted, has translated into measurable improvements in poverty reduction, education, healthcare, and infrastructure development. (Source: IANS)
