As per the RBI Governor Shaktikanta Das, who spoke at the Global Fintech Festival 2023, the Indian fintech industry is expected to produce over USD 200 billion in revenue by 2030. He ascribed this development to causes such as rising digital payment usage, the expansion of the digital lending sector, and the advent of the insurtech and wealthtech firms.

 

Das further stated that the RBI is dedicated to fostering the growth of the fintech industry and has implemented many initiatives to that end, including the implementation of the Regulatory Sandbox and the Payment Initiation Services framework.

 

"We are on the cusp of a major transformation in the fintech sector, not only in India but also in many other countries," says RBI Governor Shaktikanta Das addressing the 'Global Fintech Festival 2023' in Mumbai.

 

After China and the United States, India now has the world's third biggest fintech industry. It is rapidly expanding and is likely to expand more in the next years.

 

In the following years, the Indian fintech industry is projected to play a significant role in the country's economic development. It is projected to aid with the financial inclusion, economic growth, and the job creation.