India’s burgeoning fintech sector—the largest globally—continues to revolutionise financial inclusion across diverse sectors. Highlighting the government’s role, Nagaraju emphasized the efforts to create an enabling environment for fintech players through initiatives like easing compliance norms, building robust digital infrastructure, and leveraging schemes such as the PM Suraksha Bima Yojana and Atal Pension Yojana. These steps, he noted, are designed to enhance accessibility and inclusivity in areas that remain underserved.
However, alongside innovation, Nagaraju underscored the pressing need for regulatory safeguards to address emerging threats like data breaches and financial fraud. “We must stay one step ahead of fraudsters,” he said, stressing the importance of data privacy and cybersecurity to maintain trust in the system. Financial literacy, he added, is pivotal—not just for the tech-savvy younger generation but also for older citizens, enabling them to leverage advancements in a democratized financial landscape.
The remarks come against the backdrop of alarming data on UPI-related fraud presented in Parliament. According to the Ministry of Finance, UPI fraud incidents surged by 85% in FY24, rising from 7.25 lakh cases worth ₹573 crore in FY23 to 13.42 lakh cases involving ₹1,087 crore. In the ongoing FY25, over 6.32 lakh fraud incidents worth ₹485 crore have already been reported, marking a significant concern for stakeholders in India’s digital payments ecosystem.
Also Read : UPI fraud cases surge by 85% in FY24: Key insights and data
(Edited by : Poonam Behura)
