Indian fintech ecosystem plugged corruption, leaks: Rajeev Chandrasekhar

New Delhi, July 22

The Indian fintech ecosystem has not only helped rebuild the trust between the citizens and the government but also plugged corruption and leaks in financial disbursements, Minister of State for IT and Electronics, Rajeev Chandrasekhar, said.

India is among the world's fastest growing fintech markets with 6,636 startups.

The Indian fintech industry's market size was $31 billion in 2021 and has the highest fintech adoption rate at 87 per cent.

"There was a time when it was openly admitted that out of every Rs 100 disbursed by the government from Delhi, only Rs 15 reached the beneficiary, and the remaining of money got mysteriously siphoned off. Today, there is no leak or scope for corruption as the beneficiaries get their amounts due straight in their Jan Dhan accounts and are empowered financially," Chandrasekhar said during the closing day of the 'FinTech Festival India' at Pragati Maidan here.

According to Chandrasekhar, for the best part of India's journey since independence, the country's economy was governed by few companies/families and they controlled the opportunities and the capital.

"Our democracy was seen as dysfunctional. Prime Minister's 'Digital India' vision has dramatically transformed the way governance is carried out in the past seven years and the nation today is being driven by the energy, hard work, along with innovation and ideas of young Indians all around the country, the minister pointed out.

While fintech, in India, is a stark demonstrator of the power of using technology in governance and the impact it has on creating the innovation ecosystem, Chandrasekhar said the government has also taken other path-breaking initiatives like the drones and the space technology ecosystems.