Nagaraju reaffirmed the govt's strong commitment to financial inclusion and the democratisation of credit access

IANS New Delhi

Fintech companies should leverage their strengths and innovation by not only extending financial services to the masses but also to develop robust solutions against fraud, hacking, and other cyber threats -- making greater use of emerging technologies like artificial intelligence (AI), a top government official said on Monday. 

With the country's digital payments ecosystem rapidly maturing, its influence has begun to extend beyond national borders, reaching Global South, said Nagaraju Maddirala, Secretary, Department of Financial Services (DFS). Addressing the inaugural session of the third 'Financial Inclusion and Fintech Summit' by the Confederation of Indian Industry (CII) here, he emphasised the critical role of fintechs in advancing financial inclusion and consumer protection.

Nagaraju reaffirmed the government's strong commitment to financial inclusion and the democratisation of credit access. He highlighted the government's sustained efforts in fostering a supportive ecosystem for fintech innovation, underpinned by a strong digital infrastructure and transformative welfare schemes.