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Future of financing in India is through digitisation: Sitharaman
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IANS | 20 Sep, 2022
Finance Minister Nirmala Sitharaman on Tuesday said that future of
financing in India is going to be governed through digitisation, noting
that in July 2022 alone, 6.2 billion transactions worth Rs 10.6 trillion
were conducted.
Addressing the FICCI LEADS summit here,
she said that UPI is aiming to achieve a target of 1 billion
transactions in a day in the next five years.
Today, even if
there is no brick or mortar bank branches in rural areas, people are
able to access banking facilities due to digitisation of financial
services, Sitharaman added.
The Finance Minister also said that the role of Artificial Intelligence would be significant in detecting economic crimes.
She further said that the method of account aggregation is now being used by scheduled commercial banks.
As many as 1.1 billion bank accounts are sharing their data on account aggregators now, Sitharaman said.
Account
aggregation, also known as financial data aggregation, is a method that
involves compiling information from different accounts, which may
include bank accounts, credit card accounts, investment accounts, and
other consumer or business accounts, into a single place.
The
Finance Minister further said that startups linked to fintech entities
are rising, adding that 87 per cent fintech companies are adopting
digital technologies.
Government has taken measures towards paperless banking and digital payouts, she said.
Digitisation has entered the system layer by layer and physical presence is not required now, she noted.
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