Announcements Regarding the Fintech Sector – Budget 2023

A Stunning and worth-noticing example in the Fintech industry is UPI. UPI transactions in India witnessed a growth of 650% at the semi-urban and rural stores in India. A growth of nearly 25% and 14% in value and volume, resp, in assisted financial transactions across semi-urban and rural retail counters in the country in 2022. Now that we know that Fintech is a booming industry, Let’s figure out what was discussed in the Union Budget regarding Fintech Industry.

Our digital public infrastructure, which includes Aadhaar, PM Jan Dhan Yojana, Video KYC, India Stack, and UPI, has made fintech services in India more accessible. The range of documents that are accessible to persons in DigiLocker will be increased in order to support more innovative Fintech services.

Another important point is related to Entity DigiLocker

An Entity DigiLocker will be set up for use by MSMEs, large businesses, and charitable trusts. This will be done in order to securely store and exchange documents with various authorities, regulators, banks, and other business entities whenever necessary.

Final Words-

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