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Fintech Industry Leaders React on Interim Budget 2024

2024-04-14 03:20:58 Government


Here are Interim Budget reaction by leading fintech companies.

1) Yashoraj Tyagi, Chief Executive Officer, CASHe:

“The 2024 Union Budget consistently emphasizes the tech sector, highlighting a commitment to inclusive growth across diverse fields such as agriculture, finance, health, and communities, fostering economic empowerment throughout all sectors.

The spotlight on expanding the EV ecosystem creates exciting prospects for fintech companies to innovate financing and payment solutions in this rapidly growing sector. Additionally, the government's emphasis on developing new tourist attractions has the potential to elevate tourism nationwide, possibly spurring demand for travel loans and enhancing economic growth. This not only strengthens the lending sector but also extends credit accessibility for travel to a broader audience keen on exploring emerging tourist destinations.

Furthermore, the recent establishment of prestigious higher education institutions such as IITs, IIITs, IIMs, and AIIMS underscores a commitment to skilling and reskilling the workforce. This, combined with increasing aspirations for higher education, may lead to a surge in demand for education loans, creating fresh opportunities for the fintech industry.

It is also commendable that the FM announced initiatives under PM Mudra Yojana and Start-Up India for young Indian startup founders who have been creating employment opportunities for Indian citizens in various sectors, including fintech. The budget presents a well-rounded vision for economic progress, offering fertile ground for financial innovations and growth across various sectors.”

2) Anand Kumar Bajaj, Founder MD CEO, PayNearby:

“The interim Union Budget presented by the Ministry of Finance is well-rounded and optimistic. It is extremely encouraging to see the underprivileged, women, youth, and farmers at the heart of Budget 2024-25, as it will lay the foundation for faster financial empowerment and a more equitable society. We wholeheartedly embrace the Lakhpati Didi initiative, aligning with the Government’s vision to create 3 crores self-reliant Lakhpati Didis. Through our association with various livelihood missions across states, we have successfully onboarded 100,000+ women as Business Correspondents, empowering them with skills to offer financial and digital services to their communities. As we eagerly anticipate Union Budget 2024, we seek specific measures, including a 5% GST rate for last-mile empowerment startups, a GST waiver on all financial services from BC outlets, Income Tax relief, and reduced import duty on essential financial services devices.”

3) Harshvardhan Lunia, Chair, Fintech Convergence Council, and Founder & CEO, Lendingkart

"In examining the Interim Budget, it is evident that Finance Minister Nirmala Sitharaman has crafted a vision encapsulating the themes of inclusivity, self-reliance, and comprehensive national development. The focus on marginalized groups and regional empowerment reflects a nuanced understanding of the diverse needs driving India's progress. Zooming into the Fintech and Lending landscape, the budget introduces strategic measures to catalyze long-term financing for private sectors, aligning with the nation's pursuit of technological advancement. The emphasis on innovation, skilling initiatives, and MSME support underscores a forward-looking approach tailored for India's digital age, aligned with the imperative of steering India's economic growth in the digital era. The financial sector's preparation and borrowing targets for the upcoming year signify a well-balanced approach to meet investment requirements. From a bird's eye view, the budget appears to set a positive tone for the convergence of technology and finance, contributing to the overarching goal of national development."

4) Ankit Ratan, Chair, Regtech Committee, Fintech Convergence Council, and Co-founder, Signzy:

"The Budget has recognized the importance of Digital Public Infrastructure as the new factor of production driving the formalization of the economy. A key factor that drives the digital economy and enhances adoption is Digital Trust. It revolves around customers' confidence in the security, reliability, and honesty of transactions carried out through banking channels. We believe a robust digital public infrastructure along with an enhanced digital trust ecosystem will promote responsible innovation while risk-proofing businesses from cybersecurity concerns. Creating an environment of trust beyond the established physical branches of a bank through real-time monitoring of biometric systems and cybersecurity resilience among others is the way forward. This promises an economy where technology empowers trust that paves the way for a brighter and more equitable future."

About CASHe: Headquartered in Mumbai, CASHe is India’s leading AI-based, credit-led financial wellness platforms focused on making financial inclusion possible by serving the underserved digital customers in India. The company is driven by its laser focus to unlock opportunities for the millennial and Gen Z population by making financial inclusion and accessibility possible using its cutting-edge algorithms and AI and ML-based credit decisioning model called the Social Loan Quotient (SLQ). Since its launch in 2016, CASHe has registered over 50 million app downloads on the app store and has disbursed loans worth Rs 9,400 crores to over 1.3 million customers. Its affordable interest rates, instant processing, and flexible repayment options make it India’s most preferred digital credit platform. In recent years, CASHe has constantly introduced new product offerings and services in line with increasing consumer demands and has successfully transformed itself into a full-fledged financial services platform that offers its customers credit, investment, insurance, and EMI shopping.

About PayNearby:

Incepted in April 2016, PayNearby is India’s leading branchless banking and digital network. PayNearby operates on a B2B2C model, where it partners with neighbourhood retail stores and enables them with the tools to provide digital and financial services to local communities. PayNearby’s mission is to make financial services available to everyone, everywhere. The company aims to simplify high-end technology so that it can be easily assimilated at the last mile while transforming the lives of its retail partners and customers.

Today, PayNearby, through its tech-led DaaS (Distribution as a Service) network, serves 75% of India and is enabling services like cash withdrawal, remittance, aadhaar banking, bill payment and recharges, savings, travel, digital payments, insurance and more. Currently, PayNearby’s 50 lakh plus microentrepreneurs across 20,000+ PIN codes assist 30+ crore customers across the country to the tune of more than ~8000 crores GTV per month.

About Fintech Convergence Council: Fintech Convergence Council is a Fintech association representing fintech companies and financial service providers in India.

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