India, September 20, 2022: Inaugurating the Global Fintech Fest 2022 (GFF 2022) in Mumbai today, Smt. Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs, said, “We have led the way for an inclusive financial world through a Presence-less Layer, Paperless Layer, Cashless Layer, and Consent Layer. These 4 layers for inclusion are capturing the attention of the world. We’re focussed on creating a sustainable financial world which is global, green, and inclusive.”
“Indian regulators started emphasizing on green and sustainable practices in 2007. However, it was only in 2015 that the RBI included lending to social infrastructure and small renewable energy projects within the priority sector lending,” she added.
GFF 2022 is being organised and presented by the Department of Economic Affairs, Ministry of Finance, Government of India, Reserve Bank of India, International Financial Services Centres Authority (IFSCA), National Payments Council of India, the Payments Council of India (PCI) and the Fintech Convergence Council (FCC).
Shri Kris Gopalakrishnan, Chairman, GFF 2022, Advisory Board, Chairman, Axilor Ventures and Co-founder, Infosys invited the Finance Minister to deliver the inaugural address.
Praising India’s efforts towards climate change, she added, “Prime Minister Narendra Modi’s set of goals for COP21 were largely completed and achieved ahead of time and with India’s own funds. Subsequent to that, during COP26, again the Prime Minister set ambitious goals for a developing country like India.”
Stating some data and figures, Smt. Sitharaman said, “India has issued 131.68 crore Aadhaar numbers to its residents. UPI has been instrumental in promoting digital payments in India. It has achieved a value of $940 billion in 2021, which is equal to 30% of our GDP. As of July 2022, 338 banks were live on UPI platforms.”
GFF 2022 is being supported by the Unique Identification Authority of India (UIDAI), National Investment Promotion & Facilitation Agency (Invest India), Startup India, Reserve Bank Innovation Hub (RBIH) and ONDC. Special Partners of GFF 2022 are World Bank Group, United Nations Capital Development Fund, BIS Innovation Hub, KNOMAD, Better Than Cash Alliance and International Finance Corporation (IFC).
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