Indian Economy News

Union Minister for Finance and Corporate Affairs, Ms. Nirmala Sitharaman, lauds fintechs for boosting digital infrastructure, empowering small businesses and welfare delivery

Union Minister for Finance and Corporate Affairs, Ms. Nirmala Sitharaman, on May 27, 2025, acknowledged the critical role of India’s fintech firms in strengthening the country’s Digital Public Infrastructure (DPI) and enabling seamless, secure, and inclusive financial services for merchants and micro, small, and medium enterprises (MSMEs). During her visit to Pine Labs, a prominent digital fintech company in Noida, she witnessed demonstrations of innovative solutions centred on prepaid instruments, the Account Aggregator (AA) framework, and digital services supporting the Public Distribution System (PDS), and other government schemes.
She also interacted with individuals who have directly benefited from the expanding fintech ecosystem and robust DPI. Previously, she highlighted how the direct benefit transfer system has reached about 650 million people, with Rs. 28,35,944 crore (US$ 322 billion) deposited directly into their accounts, resulting in savings exceeding Rs. 2,30,634 crore (US$ 27 billion) across key central government services. She emphasised that by leveraging identity and payment capabilities through DPI, India has achieved a record opening of 462.5 million low-cost bank accounts, with 56% of account holders being women, thereby transforming government service delivery and establishing the world’s largest direct benefit transfer system.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.