2024 Budget: Fintechs Seek Banking Partnerships

The fintech sector is making a strong plea for closer cooperation with traditional banks, while at the same time seeking substantial support in the upcoming Union Budget 2024-25. Industry leaders believe that a synergistic relationship between the two can revolutionize India’s financial landscape.

Fintech players are advocating for policy measures that encourage collaboration and knowledge sharing between the two sectors. They see this as a key to unlocking the full potential of financial inclusion and driving economic growth.

Key expectations from the upcoming budget include:
* Improved regulatory framework: Clearer guidelines and an enabling environment for fintech innovation.
* Tax incentives: to promote research and development in financial technology.
* Infrastructure support: Investments in digital infrastructure to facilitate seamless financial transactions.

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* Focus on financial inclusion: allocations to extend financial services to underserved populations.

Ranvir Singh, CEO and founder of RING & Kissht, said, “We look forward to an environment where fintechs and traditional banking entities can work in tandem to increase access to services even in the remotest parts of the country. The fintech sector also seeks to evolve further through a robust regulatory framework.”

The fintech sector is looking forward to easy access to capital and affordable interest rates, as Tashwinder Singh, CEO and MD, Niyogin Fintech Limited, said, “We hope the government will take steps to support the lending sector through access to capital and affordable interest rates, enabling entrepreneurs to realise their vision.”

The fintech sector has seen exponential growth in recent years, disrupting traditional banking models. However, experts believe that a joint effort by both sectors can accelerate financial progress in the country.

With agency input

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