RBI Governor Shaktikanta Das said at a Global Fintech Festival 2023 event on Wednesday that the Indian fintech industry is projected to generate around USD 200 billion in revenue by 2030. He attributed this growth to the factors such as the increasing adoption of digital payments, the growth of the digital lending market, and the rise of insurtech and wealthtech companies.
Das also said that the RBI is committed to supporting the growth of the fintech industry and has taken several measures to do so, such as the introduction of the Regulatory Sandbox and the Payment Initiation Services framework.
“We are on the cusp of a major transformation in the fintech sector, not only in India but also in many other countries,” says RBI Governor Shaktikanta Das addressing the ‘Global Fintech Festival 2023’ in Mumbai.
The Indian fintech industry is currently the third largest in the world, after China and the United States. It is growing at a rapid pace, and is expected to continue to grow in the coming years.
The factors that are driving this growth include the following:
- The increasing penetration of smartphones and internet connectivity in India
- The growing demand for financial services among the Indian population
- The government’s support for the fintech industry through initiatives such as the Pradhan Mantri Jan Dhan Yojana (PMJDY) and the Startup India initiative
The Indian fintech industry is expected to play a major role in the country’s economic development in the coming years. It is expected to help in financial inclusion, boost economic growth, and create jobs.
More details are awaited…