ANI
20 Sep 2022, 16:07 GMT+10
New Delhi [India], September 20 (ANI): Finance Minister Nirmala Sitharaman on Tuesday while addressing the Global Fintech Fest in Mumbai said that India has led the way towards an inclusive financial world through digital payments.
She said the National Payments Corporation of India (NPCI) was taking the UPI platform internationally, helping countries to create their own payment systems and networks. It is also making the cross-border payments of currencies easier.
The finance minister said the inclusive financial programmes, such as KYC via Aadhaar of the government and the UPI platform, have helped revolutionise the network of the country.
Sitharaman also said that the country's advancement in the fintech technology has brought a cashless and paperless layer to the financial world.
"As of July 2022, there are 338 banks live on UPI platform. That month, in loan segment, the UPI platform registered 6.28-billion transactions, valuing a sum of Rs10.62 trillion," Sitharaman said, adding that the scale of this achievement is something worth highlighting.
"The account aggregator (UPI) will revolutionise the credit flow towards the medium and small industries and they need to have sustainable sources of finance. This account aggregator system went live on September 2021 and within just 12 months, 52 RBI-regulated entities including banks and NBFCs are on the account aggregator's platform," said the finance minister.
"The number of accounts enabled on the account aggregator network stands at 1.1 billion and the scale at which the account aggregator has grown in the last 12 months is that the wealth of opportunities there is for the global fintech people to see what more can be done creatively if more than 1.1 billion people have come on the platform," said Sitharaman at the event.
Apart from fintech, she also spoke about renewable energy, stressing that the country is moving fast on solar and wind energy sources. (ANI)Get a daily dose of Zimbabwe Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Zimbabwe Star.
More InformationWASHINGTON, D.C.: The U.S. Border Patrol arrested 29,000 migrants crossing the U.S.-Mexico border illegally in January, the agency...
HOUSTON, Texas: Two strong earthquakes hit the Permian Basin, the largest U.S. oilfield, this week, shaking the Texas oil industry...
BANGKOK, Thailand: Vietnam's government has introduced new social media regulations that significantly tighten its control over online...
BISMARCK, North Dakota: More than 95 million people faced extreme cold on February 18 as a polar vortex sent temperatures to record...
TAIPEI/BEIJING: Taiwan's defense ministry said this week that the Taiwan Strait does not belong to China, and any attempts to create...
WARSAW, Poland: European nations will not form a single, unified army despite growing security concerns over Russia, Polish Foreign...
BAMAKO, Mali: A tragic mine collapse in western Mali, West Africa, has claimed the lives of at least 43 people, mostly women, an industry...
(Photo credit: Logan Newell/The Coloradoan / USA TODAY NETWORK) Brian Campbell caught a huge break on the second playoff hole on...
New Delhi [India], February 23 (ANI): After a joint team from the Central Drugs Standard Control Organisation (CDSCO) and the state...
DUBAI, 23rd February, 2025 (WAM) -- His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of...
Dubai [UAE], February 23 (ANI): Former Indian cricketer Shikhar Dhawan has revealed his favourite knocks in international cricket,...