Foundation and evolution of the Indian Fintech industry

GOVERNMENT CONTROL FOUNDATION PHASE EMERGENCE PHASE ACCELERATION PHASE INNOVATION PHASE
Focus on expanding the reach of Liberalization and institutional reforms Tech-driven financial services make a mark Free UPI and low cost Internet fueled Tech drives banking, insurance, and
banking services allowing private sector entry with most financial services moving online explosive growth of businesses investing in the country

2023
GDP
$3.5Tn
Video OCEN
NSE established,
Aadhaar New banking licenses KYC launched
started electronic Jio launches
enrolment Yes bank and Kotak
1st Mutual trading in shares Internet banking 4G with ultra- 2020 2020 2023
launched by ICICI starts low pricing
Fund (UTI) 2013 Jan-Dhan
Issue of 10 Private Bank First Fintech Zerodha becomes the
1963 Sector Bank licenses 2009 accounts
listed 2016 largest brokerage
1998 launched firm in India
F&O trading Demonetization
1993 2014
RBI started on NSE
Nationalized 2016
Credit Bureaus
UPI
2020 2022
Banking established IMPS
Mobile phones launched
Regulation Act introduced Covid
& internet IRDAI established & CBDC launched
2016 lockdown
1949 launched 1st Private Insurer 2010 (pilot)
Bank started
license issued 2017
nationalization 1995 NSE listed
starts 2000 NEFT system 2016 Linking of Aadhaar
1969 launched with bank accounts cap surpasses $5Tn
2005 UIDAI made mandatory
2015 established
GST implementation
Bharat Bill Payment
First Fintech
System launched 2021
2012 Unicorn: Paytm
2016 Account Aggregators
First Zero Brokerage launched
AEPS launched BHIM
schemes launched
2008 launched Paytm IPO - Largest then
1947 GIFT City operationalized
GDP
1991 First wallet (PPI)
$227Bn e-Signing and eKYC
Liberalization of and wallet-based
payment launched launched
Indian economy DigiLocker launched Legend
1955 1996 2004
1988 NPCI established Govt and Regulatory initiatives
SBI becomes 1st Small Finance & Payment
SEBI Demat introduced, RTGS system
state owned bank Bank licenses issued Important events / milestones
established NSDL established introduced

Source: Beams Internal Analysis

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