India reiterates its commitment to sustainable development through Fintech

by James · September 22, 2022

MUMBAI, India, 22 September 2022 /PRNewswire/ — Indian Finance Minister and Reserve Bank of India Reiterating his commitment to sustainable development, Governor spoke at the Global Fintech Fest 2022 (GFF 2022) held here 20 to 22 September 2022. The theme for India’s The largest fintech conference is “Creating a Sustainable Financial World: Global, Inclusive, Green.”

Inauguration GFF 2022, Smt. Nirmala SitharamanIndian Finance and Industry Minister, it said September 20“We have led the way for an inclusive financial world through a presenceless layer, paperless layer, cashless layer and consent layer. These four layers of inclusion capture the world’s attention. We are focused on creating a sustainable financial world that is global, green and inclusive. “

“Indian regulators started emphasizing green and sustainable practices in 2007. However, it was only in 2015 that the RBI included lending to social infrastructure and small renewable energy projects within the priority sector lending,” she added.

Day 1 of GFF 2022 started with a session on “Creating A Sustainable Financial World” addressed by Kris GopalakrishnanChairman, GFF 2022 Advisory Board, Chairman, Axilor Ventures and Co-Founder, Infosys, Naveen Surya, Chairman, Fintech Convergence Council, Srinivas JainED & Head of Strategy, SBI Mutual Fund and Smita Aggarwal, Global Investment Advisor, Flourish Ventures. This was followed by several other sessions during the day on topics such as sustainability, financial inclusion, payments, ONDC, fintech chatbots etc. A session on “Fostering fintech innovation – the way forward between India and Germany” was also organized on the first day of GFF 2022 and attended by Doris DietzeHead of Department, German Federal Ministry of Finance and Stefan Halusadirector general, Indo-German chamber of trade among others.

Addressing the delegates at GFF 2022, Shri Shaktikanta Das, Governor, Reserve Bank of India, marked the theme of his talk as “Fintech as a Force Multiplier.” “Technology, innovation and fintech work together and contribute to the dynamism of the sector. In our journey towards higher levels of sustainable development and financial inclusion, these forces have transformed into force multipliers.” Shri Das so.

“The next decade of finance will be more focused on two key themes – sustainable development and technology-led innovations that transform the lives of ordinary people,” he added.

On the second day of the conference, Shri Rajeev ChandrasekharMinister of State for Electronics and Information Technology, Skills Development and Entrepreneurship, Government of Indiaso, “India is creating one of the largest dataset programs where anonymized non-personal data will be available on one platform for the entire AI ecosystem. The use of these datasets will only be allowed for Indian startups and companies,”

Securities and Exchange Board of India (SEBI), Chairman, Ms. Madhabi Puri Buch laid down some core principles guiding regulators, while delivering her keynote address at the Global Fintech Fest 2022 (GFF 2022) in Mumbai Today. “There are some key principles that guide a regulator. These include anonymity, transparency, financial inclusion and structural vulnerability,” she said.

“There is likely to be a regulatory gap when there is something new and innovative happening in the market. It is up to the regulator to keep up with it. Our intention is to narrow the regulatory gap in the startup ecosystem,” says Ms. Buch added.

Organized and presented by the Department of Economics, Ministry of Finance, Government of IndiaReserve Bank of IndiaInternational Financial Services Centers Authority (IFSCA), National Payments Council of Indiapayment council i India (PCI) and the Fintech Convergence Council (FCC), Global Fintech Fest aims to demonstrate India’s fintech ecosystem to the world, creating solutions for 6 billion global consumers and driving financial inclusion for the 1.4 billion unbanked adults at an even faster pace. The festivities before the event began, so to speak 19 September 2022. This is the third edition of the Global Fintech Fest, and the first where domain experts are participating from around the world in person and virtually.

GFF 2022 is supported by the Unique Identification Authority to India (UIDAI), National Investment Promotion & Facilitation Agency (Invest India), Startup India, Reserve Bank Innovation Hub (RBIH) and ONDC. Special partners of GFF 2022 are the World Bank Group, United Nations Capital Development Fund, BIS Innovation Hub, KNOMAD, Better Than Cash Alliance and International Finance Corporation (IFC).