FM Sitharaman Highlights Fintech Power in Building a Digitally Inclusive India

By siliconindia  |  Tuesday, 27 May 2025, 02:22:47 PM IST

FM Sitharaman Highlights Fintech Power in Building a Digitally Inclusive India
  • FM Nirmala Sitharaman lauded fintech firms like Pine Labs for accelerating India’s Digital Public Infrastructure (DPI) and empowering MSMEs through secure, inclusive financial services.
  • India’s UPI ecosystem saw a 91.5% surge in QR code adoption in FY 2024-25, with 668 banks now live on the platform, dominating nearly 80% of digital transactions.
  • RBI’s flexible UPI transaction limits and rapid digital payment growth, as highlighted in Worldline’s report, underscore the vital role of fintech in driving financial innovation and accessibility.
Union Finance Minister Nirmala Sitharaman praised India’s burgeoning fintech sector for playing a key role in strengthening the country’s Digital Public Infrastructure (DPI) and empowering micro, small, and medium enterprises (MSMEs). During her visit to Pine Labs' office in Noida, the Finance Minister interacted with employees and acknowledged the firm’s efforts in facilitating seamless and inclusive financial services.
In a post on social media platform X, Sitharaman’s office stated that fintech firms are crucial contributors to expanding DPI and enabling secure digital financial ecosystems for merchants and MSMEs. Her visit to Pine Labs, a leading merchant commerce omnichannel platform operating across India, the Middle East, and Southeast Asia, underscored the government’s support for the digital economy.
B. Amrish Rau, CEO of Pine Labs, described the day as 'exciting and unbelievable', adding that the Finance Minister was “completely immersed in her interactions and tech discussions” during her visit.
Pine Labs is recognized for simplifying digital payments and offering scalable fintech solutions. The visit comes at a time when India’s digital payment infrastructure is witnessing unprecedented growth, particularly through the Unified Payments Interface (UPI).
According to Reserve Bank of India (RBI) data, UPI QR codes saw a 91.5% jump in FY 2024-25, reaching 657.9 million. The number of banks live on UPI reached 668 in April 2025, further boosting transaction volumes.
UPI continues to dominate the digital payments space, accounting for nearly 80% of all digital transactions in FY24. The RBI has also introduced flexibility in merchant payment transaction limits via UPI, empowering the National Payments Corporation of India (NPCI) to adjust limits with safeguards in place. 
As per Worldline India’s report, the second half of 2024 witnessed a major spike in digital transactions, led by UPI, mobile wallets, and card payments — highlighting the growing adoption of fintech solutions in India.

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