Fintech Sector Pins High Hopes on 2024 Union Budget

The fintech industry eagerly anticipates the 2024 Union Budget for policy measures fostering fintech and banking collaboration. Stakeholders desire enhanced digital infrastructure, cybersecurity, and tax reliefs to propel innovations and ensure financial inclusivity. Key industry leaders emphasize the need for regulatory frameworks and incentives to drive the sector's growth.

With the Union Budget announcement imminent, the fintech sector is optimistic about provisions that may encourage collaboration between fintech and traditional banking systems, creating a more robust financial ecosystem in India. Industry leaders are advocating for policy initiatives that reinforce a rule-based financial environment.

Ranvir Singh, CEO and Founder of RING & Kissht, envisions an environment where fintech and traditional banking entities work together to extend financial services to remote areas. Similarly, Tanya Prasad, Chief Investment Officer at Legalpay, hopes for policies that promote co-lending models and open banking initiatives.

Ranjan Kumar, Head of Finance and Accounts at FincFriends, expects significant allocations toward cybersecurity, digital customer experiences, and financial technology innovation in the 2024 budget. Tashwinder Singh, CEO of Niyogin Fintech, urges the government to facilitate easy access to capital and affordable interest rates to support entrepreneurs.

Suresh Rajagopalan, CEO of Wibmo, highlights the need for a fraud data consortium to combat fraudulent activities through shared information among financial institutions and payment service providers. Harsha Solanki from Infobip emphasizes the importance of AI, IoT, and cloud computing technologies, particularly in rural areas, to enhance India's digital infrastructure and competitiveness.

Rohit Gajbhiye, CEO of LEO1, calls for tax reliefs, operational cost subsidies, and increased research and development funding. Atish Shelar, COO of Tech Fini, anticipates incentives for digital payments, akin to those provided to banks for UPI, to boost adoption rates. Dipal Dutta, CEO of RedoQ, advocates for tax breaks for smaller fintech players to level the competitive field.

India's fintech adoption rate stands at approximately 87%, surpassing the global average of 67%. The country boasts over 10,000 fintech companies and holds the position of the world's third-largest fintech ecosystem, growing at a 14% CAGR. The upcoming budget is crucial for sustaining this momentum and ensuring inclusive financial growth.

(With inputs from agencies.)