Over 3,000 fintech start-ups have been registered with DPIIT in India: MoS Corporate Affairs
- IBEF
- August 9, 2023
Mr. Rao Inderjeet Singh, Minister of State in the Corporate Affairs Ministry, informed Lok Sabha that India has 3,085 start-ups registered with the Department for Promotion of Industry and Internal Trade (DPIIT) in the fintech sector. The minister mentioned that as of April 30, 2023, India had 98,119 start-ups across 56 diverse sectors as part of the Start-up India initiative by DPIIT.
The Minister discussed several steps the government has undertaken to support start-ups across various industries, including fintech start-ups. The government informed the International Financial Services Centre Authority (IFSCA) to establish a "Fin-tech Entity Framework" focused on fintechs and techfins in order to draw investments into the fintech sector.
The Jan Dhan- Aadhar- Mobile (JAM trinity), or Jan Dhan bank accounts, in addition to the easy and widespread access to the internet connection and the linkage through Aadhar, helped in fintech access to a wide customer base and provided a range of financial services, both benefitting the businesses and the customers, he added.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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