Global Fintech Fest 2023: How India created wealth in the last four financial years, FM Sitharaman explains
Global Fintech Fest 2023: Union Finance Minister Nirmala Sitharaman said on Tuesday that India’s financial ecosystem has made a giant stride. Delivering the inaugural address of Global Fintech Fest 2023 in Mumbai, FM said, “There was a time when conventional financial activities were the backbone of the financial ecosystem but today Fintech has become a more robust and dynamic financial inclusion tool."
FM Nirmala Sitharam explained how India created wealth in the last four financial years.
The number of demat accounts increased by 2.5 times from 4.1 crore in 2019-20 to 10 crore in 2022-23, Sitharaman said.
“A record number of mutual funds and SIPs are being registered which helps in generating wealth," she said.
“Top 30 cities of India are usually expected to be ahead in formal savings. However, in the last four years, the share of cities beyond the top 30, in total mutual fund assets has grown from 15 per cent to 26 per cent. So it's beyond 30 cities that are contributing to India's financial ecosystem."
“Instruments like SIPs are only democratising this wealth-creation opportunity," Sitharman added.
Finance Minister Nirmala Sitharaman reiterated India’s stance that it seeks global cooperation and a framework are essential to counter threats emanating from areas such as cryptocurrencies. “Unless you go for a global cooperation, you are not going to get a responsible financial ecosystem which can it regulate it as well," she said. Crypto assets are currently unregulated in India.
Union Finance Minister Nirmala Sitharaman on Tuesday asked banks and financial institutions to ensure that their customers nominate heirs, which can help reduce the quantum of unclaimed money.
«I want the banking system, the financial
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