FinTech Revolution

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 Topic- Indian economy , growth, development.

 mains paper  - GS 3

FinTech Revolution

To achieve financial empowerment of every single citizen of the country, India has made the significant progress in digital India ecosystem.
  • Financial inclusion is the driver of fintech revolution that rest on four pillars -
    1. Income
    2. Investment
    3. Insurance
    4. Institutional credits
  • When income grows , investments becomes possibles,and insurance coverage enables greater risk- taking ability and investment.
  • Institutional credits gives wings for expansion.
  • The success of fintech revolution lies in its inclusiveness and common good.
  • The fintech industry in India is innovating to enhance access to finance and a formal credit system to every person in the country.
  • Finance is the lifeblood of an economy and technology is its carrier. Both are equally important for Antyodaya and Sarvodaya.
  • Digital India has opened the door for fintech innovation to be applied in governance.
Examples:
  1. Universalising the banking through Jan Dhan Accounts for financial inclusion.
  2. Launching of Rupay card.
  3. Domestically developed Unified Payment Interface ( UPI) 
  4. Launching BHIM mobile app
  5. e- RUPI
  6. PM Svanidhi - enabling access to credit for small vendors across the country.
  7. Direct Benefit transfer
  8. Trinity - JanDhan+ mobile+ Aadhaar

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