Sitharaman concerned about increasing cases of digital fraud in the country, appeals to fintech companies for solution

During the program, the Finance Minister appealed to the fintech sector to further increase digital loan facilities for micro, small, and medium enterprises (MSMEs). She said that India's fintech technologies can also prove useful on the global stage, and this will open new markets for Indian companies.

Along with this, Sitharaman said that now the acceptance of UPI payments is increasing internationally. Payment is possible with UPI at select shops in Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka, and the UAE. She said that our fintech model can be adopted all over the world.

At the same time, Nilamla Sitharaman further said that the Indian fintech sector can touch the figure of $ 400 billion by 2028-29, and its annual growth rate is estimated to be 30%. Along with this, Sitharaman also said that so far, ₹ 44 lakh crore has been sent directly to the accounts of the people through the Direct Benefit Transfer (DBT) scheme, which has saved ₹ 3.48 lakh crore.

The Finance Minister said that the future financial structure will be 'phygital', i.e,. a combination of both digital and physical methods. This will give better service and confidence to the customers. It is worth noting that in the program organized in Delhi, Union Minister of State for Finance Pankaj Chaudhary and Financial Services Secretary M. Nagaraju also outlined India's progress in the field of digital payments and fintech. Where Nagaraju said that in the financial year 2024-25, 18,587 crore transactions were done through UPI, whose total amount was ₹ 261 lakh crore.