TOPIC: DIGITAL INDIA AND ITS ROLE IN

DATE: ……………
PROMOTING FINTECH
3 VISIONS OF DIGITAL INDIA

1. Connect Everyone Digitally: The first vision is to make sure that

everyone in India, no matter where they live or how much money
they have, can use the internet and digital technology. It's about
giving people access to the internet and teaching them how to use it.

2. Easier Government Services: The second vision is to make

dealing with the government easier and faster. This means you can
do things like applying for a passport or getting a license online
without a lot of paperwork. They want to make it simple for people to
get government help and information online.

3. Creating Jobs and Businesses: The third vision is about using

digital technology to create jobs and businesses. They want to
encourage people to start their own tech companies and build new
things. This can help the country's economy grow and make life
better for everyone.

ROLE OF DI IN PROMOTING FINTECH

1. Helping Everyone Get Online: Digital India is making sure that

people across the country can use the internet and mobile phones.
For example, they are expanding internet access to remote areas
and encouraging more people to use smartphones.

2. Banking for All: Fintech companies use this internet access to offer
banking services to people who didn't have them before. For
example, companies like Paytm and PhonePe allow users to save,
invest, and transfer money using their smartphones.

3. Digital Money: Digital India encourages people to use digital

payment methods like mobile apps and online wallets instead of
cash. For instance, the Unified Payments Interface (UPI) allows
people to make digital payments easily. You can pay for groceries or
send money to friends through apps like Google Pay or WhatsApp.

4. Easy Identification: Digital India created a system called Aadhaar

that gives everyone a unique ID number. Fintech companies use this
to check who you are, making it simpler to sign up for their services.
For example, when you open a digital bank account or get a loan
online, you can use your Aadhaar number for verification.

5. Government Support: The government in India supports fintech by

making rules that allow companies to try out new ideas with less red
tape. For instance, the Regulatory Sandbox framework lets fintech
companies test their innovations with fewer regulations holding them
back.

6. Borrowing and Lending: Digital India initiatives also make it easier

for people and businesses to borrow and lend money online. For
example, digital lending platforms like Lendingkart and Kiva allow
small businesses and individuals to access loans without visiting a
traditional bank branch.