Finance Minister Nirmala Sitharaman said that India is leading in the digital payments system with half of the world’s real time digital transactions happening in the country.Speaking at the Global Fintech Fest 2025 in Mumbai on Tuesday, October 7, Sitharaman said, “Half of world’s real time digital transactions happen in India with adoption rates of 87% vs the world average of 67%.””India processed over 18,580 crore UPI transactions worth ₹261 lakh crore in financial year 2024-25,” the FM added.
The Finance Minister also said that fintech in India is not a niche urban convenience, but it acts an “enabler of nationwide economic empowerment.””In a decade, we have connected population equivalent to the European Union (through digital means),” Sitharaman said, adding that India ranks at third position in number of fintech companies across the world.She further stated that Aadhaar, UPI, Digilocker are some of the ways which have changed the contours of how public finance is handled in India for their betterment.Foreign Currency Settlement System launched
FM Sitharaman also launched foreign currency settlement system (FSCC) in Gujarat’s GIFT City, which would seek to solve the issues in the foreign transactions.It will be a payment system within IFSC design to settle foreign transactions in a real time basis, which would ensure a regulatory oversight on such transactions.The measure adds the GIFT IFSC in line with the financial centres such as Hing Kong, Tokyo and Manila which have the infrastructure to settle foreign currency transactions locally.Tech to enable businesses, says FM Sitharaman also stated that the government remains committed to making technology an enabler for the businesses.”We’d like to remain in fringes when it comes to business and technology. We want to enable businesses, not hinder their progress,” she said, further warning that the technology would not be weaponised and should serve public at all times.She also highlighted that as the tech develops, and artificial intelligence is explored, there should be a level of cautiousness that that to be maintained. She further urged India Inc to work towards growth and innovating products.”I’ve seen several deepfake videos of myself,” Sitharaman, while flagging the darker side of AI.”Fintech companies must focus on fundamentals like revenue growth, innovative products, risk and compliance capabilities,” she added.
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