Page 48 - Banking Finance September 2024

ARTICLE

Banking and

Financial Services:

Paving the Way for

India's Development Varun Mittal

Volatility Coach
Ghaziabad

The adoption of digital payments through platforms like the Unified Payments Interface (UPI) has
made cashless transactions a norm. The rapid growth of fintech has democratized access to financial
products, making it easier than ever for people across the country to manage their finances.

A s we look ahead to India's journey toward India's digital revolution has been a game-changer, and

becoming a developed nation, it's clear that
as someone who has seen its impact firsthand, I'm
convinced that it will continue to be a major driver of
banking and financial services will play a
central role. Having closely followed the change. The adoption of digital payments through
sector's evolution over the years, I've observed how it has platforms like the Unified Payments Interface (UPI) has
transformed from a traditional, brick-and-mortar system made cashless transactions a norm. The rapid growth of
to a dynamic and digitally-driven ecosystem. This fintech has democratized access to financial products,
transformation has made financial services more making it easier than ever for people across the country
accessible to millions of Indians, and in doing so, it has to manage their finances.
laid the groundwork for sustainable economic growth.
However, I also recognize that there are challenges
The role of financial services in driving economic progress ahead. Ensuring cybersecurity, managing non-performing
cannot be overstated. By facilitating access to credit, assets (NPAs), and closing the digital divide are critical
savings, and insurance, the sector supports businesses in to sustaining the sector's growth. These challenges, while
expanding, creates jobs, and empowers families to plan significant, also present opportunities for innovation and
for their futures. Initiatives like the Pradhan Mantri Jan progress, particularly in areas like green finance.
Dhan Yojana (PMJDY) have further enhanced financial
inclusion, bringing millions into the formal economy. The Roadmap to Becoming a Developed
These developments are vital for addressing poverty and
Nation
bridging the urban-rural divide, which I believe are key
In my view, the roadmap for India's transformation into
to achieving inclusive growth.
a developed nation hinges on the continued evolution of

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