India’s fintech landscape is undergoing a transformation driven by the “trinity” of JAM (Jan Dhan-Aadhaar-Mobile), UPI (Unified Payments Interface), and ULI (Unified Logistics Interface), said Rajesh Bansal, CEO of RBI Innovation Hub.
He highlighted that Aadhaar, which provides a digital identity to over 1.3 billion people, and AEPS (Aadhaar Enabled Payment System) have made secure banking accessible even in remote villages.
“Financial inclusion in India has been revolutionised by digital innovation, enabling millions to access services that were once out of reach. From the introduction of Aadhaar, which gave 1.3 billion people a digital identity, to the widespread use of AEPS, which allows secure transactions in even the most remote villages, India has set a global example,” he said.
“These advancements have broken down barriers, making banking accessible and empowering underserved populations to participate in the financial system like never before,” he added at IIM Bangalore’s International Symposium on Financial Inclusion, Digital Innovation, and Sustainability.
The two-day symposium brings together policymakers, academics, and industry leaders to discuss India’s digital innovation landscape. Key sessions focus on financial inclusion, sustainable business models, and leveraging technology to foster inclusivity and address challenges in the fintech ecosystem.
Dr. Rishikesha T. Krishnan, Director of IIM Bangalore, underscored the transformative power of digital technology in reshaping India’s financial sector. He emphasized the potential for a more distributed ecosystem of service providers and the critical need for new skill development to navigate the evolving landscape.
“Digital technology has significantly transformed the finance industry in India, enhancing access for both consumers and financial institutions. The potential of digital technology to revolutionize industries like finance is vast, but it also brings unanticipated challenges that need addressing. From a talent perspective, the evolving nature of technology in financial services demands new skill sets. Although there is broad recognition of this need, much work remains to ensure these skills are widely available,” he said.
