Artificial Intelligence will play big role in area of fintech,Sitharaman

Finance Minister Nirmala Sitharaman has said that the future of finance in India is going to be driven more and more by the digitization of banking and related services. She said, the digitization has helped bring greater ease of financial services in terms of banks, financial institutions and customer and it will be further strengthened in the next 25 years. Ms. Sitharaman said this while addressing the 3rd Edition of KEADS Programme on theme- Future of Finance organised by FICCI in New Delhi on Tuesday.

There is a big role for Artificial intelligence in fintech areas such as detecting crime, fraud detection, and quantifying risk: Ms @nsitharaman, Union Minister of Finance and Corporate Affairs, GoI at the 3rd edition of #FICCILEADS. pic.twitter.com/LQTfvCi6Fy

— FICCI (@ficci_india) September 20, 2022

She mentioned that the global average of Fintech adoption is 64 per cent while it is 87 per cent in India. Talking about growth of UPI transactions, the Finance Minister informed that Unified Payments Interface -UPI has reported 6.28 billion transactions worth 10.62 trillion rupees in July this year showing a growth of 7 per cent than last month.She added that on monthly basis, the country is witnessing substantial growth in UPI transactions. She also mentioned that UPI has also set a target to process one billion transactions per day in the next 5 years.