India’s Fintech Momentum Earns Ministerial Praise
India’s fintech revolution gained strong endorsement this week as Finance Minister Nirmala Sitharaman recognized its impact on digital growth. During her recent visit to Pine Labs in Noida, she witnessed firsthand how fintech innovation powers Digital Public Infrastructure (DPI).
Fintech companies have helped build seamless, secure, and inclusive financial systems that support merchants and micro, small and medium enterprises (MSMEs). As digital tools become more embedded in daily life, their real-world impact is becoming increasingly clear.
A Visit That Showcased Innovation in Action
While touring Pine Labs, the finance minister saw live demonstrations of fintech solutions that use prepaid instruments, the Account Aggregator (AA) framework, and digital platforms powering government welfare programs.
These innovations improve how subsidies, entitlements, and benefits reach millions of citizens — especially those who need them the most. Furthermore, the solutions are easy to use, built for scale, and embedded with security at every step.
Digital Public Infrastructure: The Backbone of Inclusion
FM Sitharaman emphasized how DPI plays a crucial role in reaching the last mile. She highlighted that 650 million Indians have already benefited from direct benefit transfers (DBTs).
Over $322 billion has been transferred directly to citizens’ accounts through government schemes, resulting in savings of more than $27 billion. These numbers underscore the effectiveness of digitizing service delivery using DPI.
Moreover, she pointed out that identity and payments—the core of DPI—have helped open 462.5 million low-cost bank accounts, with 56% held by women.
Fintech: Catalyst for Empowerment and Inclusion
India’s fintech growth is not only about transactions; it is also about empowerment. During her visit, FM Sitharaman interacted with individuals who’ve benefited from fintech innovations in their businesses and daily lives.
Whether it’s a rural merchant accepting UPI payments or a woman receiving subsidies without visiting a bank, these real-world stories show how technology creates positive change.
What makes India’s approach unique is how public infrastructure is open, interoperable, and built to allow private innovation on public rails.
Fintech’s Role in National Growth Strategy
In earlier remarks, Sitharaman stated that digital payments and DPI have transformed government service delivery at a scale unmatched globally.
Indeed, India now operates the world’s largest direct benefit transfer ecosystem, enabled by Aadhaar, Jan Dhan accounts, and UPI. Fintechs play a critical role by building solutions on top of this infrastructure.
Because these tools simplify processes, reduce leakages, and provide access at scale, they are helping India meet its inclusion goals faster.
Why the Fintech Revolution Matters Now More Than Ever
Given India’s scale and diversity, inclusive growth depends on smart, digitally-enabled solutions. With the fintech revolution gathering pace, DPI remains the foundation.
By building on this foundation, fintechs can continue to unlock new value, serve new markets, and enhance economic resilience across segments.
As Sitharaman’s visit illustrates, India sees fintech not just as a sector, but as a strategic lever for national development.