Digital India Grows with Fintech Boost to Government Services
Finance Minister on Tuesday lauded India’s fintech sector for playing a pivotal role in expanding the country’s digital public infrastructure (DPI) and facilitating seamless, inclusive financial services for micro, small and medium enterprises (MSMEs) and merchants.
During a visit to Noida-based fintech firm Pine Labs, the minister reviewed new technological solutions centred around prepaid payment instruments, the Account Aggregator (AA) framework, and digital interfaces supporting the Public Distribution System (PDS) and various government schemes. She also met individuals who have directly benefitted from these innovations, highlighting the real-world impact of India’s growing digital finance ecosystem. Sitharaman reaffirmed that the fusion of identity and payments infrastructure has transformed governance and financial access.
Citing previous achievements, she noted that the opening of over 462 million low-cost Jan Dhan bank accounts—56% of which are held by women—has laid the foundation for the world’s largest direct benefit transfer (DBT) system. So far, DBTs have helped 650 million citizens receive approximately $322 billion directly into their bank accounts, resulting in over $27 billion in savings across central government schemes. These achievements, she said, are made possible by India’s strong digital backbone, enabled in part by innovative fintech partnerships.
The finance minister’s comments underline the central role fintech firms continue to play in India’s digital transformation, by not only enhancing the efficiency of public service delivery but also empowering underserved communities and small businesses through financial inclusion.
