Indian economy has been growing rapidly over the last thirty years. Additionally, there has been rapid advancement and adoption of technology like mobile phone usage and availability of data at low cost. Interventions like Jan-Dhan Yojna scheme, introduction of Aadhaar, push towards digitization have brought about a transformation in the financial services sector. Jan-Dhan Yojna scheme has enabled 45cr new bank accounts since 2015, while the UPI platform has seen fast adoption for digital transactions with monthly transaction value increasing from ₹0.38cr in July 2016 to ₹10.4cr in May 2022.
However, 85% of the Indian households still have income less than ₹25,000 per month, and more than 600m individuals are underserved in terms of formal financial services due to various reasons. To promote inclusive development of the country, access to finance for these individuals as well as small and micro businesses is critical. Fintech for inclusion initiative aims to address this gap and serve all sections of society, working with the financial institutions as well as fintech organisations. If we can do it, India will be transformed, and its economy will be greatly strengthened.
IIT Madras Research Park (IITMRP) and IITM Incubation Cell (IITMIC) have been at the forefront of technological innovation which has the potential to benefit society. Over the last 10 years, IITMRP/IITMIC have developed one of the strongest ecosystems of companies and start-ups driving Financial Inclusion in India and hence are well placed to drive concerted efforts for inclusion in India. That is why we have now taken on a goal to make India a leader in ‘Fintech for Inclusion’ in the next 10 years.