By Sumit Gwalani, Co-founder of Fi
This year's budget offers an opportunity to shrug off the impact of the third wave and push the economy towards higher growth. Throughout the last year, we’ve seen that more individuals are keen to take part in India’s capital market success. To enable them, digital infrastructure for financial services from banking and payments to credit, investment, and wealth management needs to reach the last mile.
While the Reserve Bank of India has set the regulatory ball rolling for innovations like UPI and Account Aggregator, the Budget can encourage the uptake of these technologies in the financial sector through partnerships with digital service providers either by direct funding or tax incentives. The government has taken strides towards financial inclusion through the implementation of the JAM trinity concept. This in combination with regulatory support in the form of digital banking licenses, fintech can play a major role in India's growth trajectory.
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Published 28 January 2022, 12:20 IST