India pushes fintechs to bridge access gaps, bolster cyber defenses

India’s fintech companies must push deeper into underbanked areas, innovate with offline payment solutions, and strengthen their cybersecurity posture using artificial intelligence, Department of Financial Services Secretary M. Nagaraju said on Monday.

Addressing the CII Financial Inclusion and FinTech Summit in New Delhi, Nagaraju said fintechs play a vital role in India’s growth story by extending access to financial services while protecting consumers and critical digital infrastructure.

He noted that government initiatives since 2014 had transformed India’s financial inclusion landscape, raising bank account penetration among adults from 35 percent to 90 percent. Yet challenges remain in ensuring access in rural and remote regions and addressing growing threats of fraud and cyberattacks as digital adoption accelerates.

Nagaraju called on fintechs to align with national and global priorities by embedding AI-driven security measures, innovating beyond urban areas through offline payments, and maintaining strong consumer protection standards.

He added that India’s flagship financial inclusion schemes and digital public infrastructure offer the foundation for fintechs to contribute meaningfully to both economic development and the UN Sustainable Development Goals.