Fintech has helped plug corruption, leakages in financial disbursements: MoS Chandrasekhar

“There was a time when it was openly admitted that of every ₹100 rupees disbursed by the Government from Delhi, only ₹15 reached the recipient and the rest of the money was mysteriously removed. But today there is no leakage or room for corruption as the beneficiaries get due amounts straight into their Jan Dhan accounts and are financially empowered,” Chandrasekhar said while speaking on the concluding day of FinTech Festival India at Pragati Maidan in New Delhi. Thursday.

India is among the world’s fastest growing fintech markets with 6,636 fintech startups. Indian fintech industry’s market size was $31 billion in 2021, with the country’s fintech adoption rate the highest in the world at 87%.

Chandrasekhar also said that for the best part of India’s journey since independence, the country’s economy was run by few companies or families, and they controlled the opportunities and the capital. “Our democracy was seen as dysfunctional. The Prime Minister’s Digital India vision has dramatically transformed the way governance is done in the last seven years and the nation today is powered by the energy, hard work, along with innovation and ideas of young Indians across the country,” he pointed out. .

Fintech in India is a demonstration of the power of using technology in governance and the impact it has on creating the innovation ecosystem, Chandrasekhar said. He added that the government has taken other cutting-edge initiatives such as drones and space technology ecosystems, which will be key to the nation’s development.

FinTech Festival India, which was held during 20-22 July 20, was organized by Constellar and supported by Niti Aayog and a few central and state ministries.

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