The fintech sector is making a strong pitch for closer cooperation with traditional banks, while simultaneously eyeing substantial support in the upcoming Union Budget 2024-25. Industry leaders believe that a synergistic relationship between the two can revolutionise India’s financial landscape.
Fintech players are advocating for policy measures that encourage collaboration and knowledge sharing between the two sectors. They see this as a key to unlocking the full potential of financial inclusion and driving economic growth.
Key expectations from the upcoming budget include:
* Enhanced regulatory framework: Clearer guidelines and a conducive environment for fintech innovation.
* Tax incentives: To promote research and development in financial technology.
* Infrastructure support: Investments in digital infrastructure to facilitate seamless financial transactions.
* Financial inclusion focus: Allocations for expanding financial services to underserved populations.
Ranvir Singh, CEO and Founder of RING & Kissht, said, “We look forward to an environment where fintechs and traditional banking entities can work in tandem to increase access to services even in the remotest parts of the country. The fintech industry also seeks to evolve further through a robust regulatory framework.”
The fintech sector anticipates easy access to capital and an affordable interest rate, as Tashwinder Singh, CEO and MD, Niyogin Fintech Limited, stated, “We hope that the government takes measures to support the lending industry through access to capital and affordable interest rates, enabling entrepreneurs to realise their vision.”
The fintech industry has witnessed exponential growth in recent years, disrupting traditional banking models. However, experts believe that a combined effort from both sectors can accelerate financial progress in the country.
With agency inputs
