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78% Indian Fintech Users bet on Fintech to Power India’s Long-Term Economic Growth: ACCA Fintech Report

Newsmantra — Tue, 27 Aug 2024 09:37:02 +0000

The report envisions a future where fintech powers a ‘finternet,’ an interconnected financial ecosystem empowering individuals and businesses to take full control of their financial lives

Bengaluru, August 27, 2024: Financial technology – fintech – in India is a key growth sector. With an adoption rate of 87% (global average 64%) India is the third largest and fastest growing fintech market globally. Now ACCA India’s latest survey underlines confidence in fintech as a driver of economic growth with over two-thirds of respondents (78%) believing fintech will significantly contribute to India’s economic growth in the medium to long term.

The survey forms the basis for a new report from ACCA ‘Fintech as a catalyst for growth: Lessons from India’ which explores this growth, and the current and future use of fintech, across three sectors: education, energy and financial services. Nearly 400 participants in the India-focused survey and in-depth interviews with 20+ fintech providers, users, financial professionals and policy influencers revealed they expect fintech to enhance financial inclusion, expand the banking base, and democratise access to alternative investments.

Md. Sajid Khan, Director – India, ACCA said: ‘By addressing inefficiencies in the traditional financial system, fintech has enhanced productivity, boosting economic growth. India’s fintech has set an example globally, providing zero transaction costs and high-speed transactions, both essential for emerging economies.’

Report contributor fintech expert, investor and mentor, Navin Surya commented: ‘India is now moving beyond financial inclusion, one of the key benefits of fintech, to financial expansion. By improving the velocity of money through the use of technology in financial services, fintech is positively impacting all economic indicators.’

Key takeaways from the report reveal that:

User confidence in fintech is high and growing: digital public infrastructure is at its core with India Stack, increasing internet penetration and favourable demography the key enablers. Almost all (95%) respondents use fintech platforms frequently.
Opportunities are numerous: innovation remains at the forefront of fintech’s growth, with artificial intelligence (AI) playing a crucial role. 72% of survey respondents see AI as a major factor in improving transaction security and speed, which are essential for building trust and ensuring the efficiency of digital financial services.
With opportunities come challenges: 60% of survey respondents cited privacy and data security concerns. Over half (58%) cited the need for stronger regulatory processes.
Everyone – including fintech providers, finance professionals and regulators – has a role to play in harnessing opportunities and managing risks: industry experts envision a future where fintech will evolve into a ‘finternet’ of multiple financial systems interconnected with each other, much like the internet.

The report concludes that there is potential value in following a ‘principles based approach’ to regulation, where all parties involved follow ethical practices and self-regulate. As fintech evolves, a balance between innovation and consumer protection can be attained only if all parties recognise and fulfil their respective responsibilities.

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Dr Kalyan Sagar selected for Director (HR) of BSNL

Newsmantra — Wed, 26 Jul 2023 06:14:10 +0000

The PESB panel has recommended the name of Dr Kalyan Sagar Nippani for the post of Director (HR) of Bharat Sanchar Nigam Limited (BSNL). He is serving as Principal General Manager in BSNL.

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NHPC will focus on solar power

Newsmantra — Mon, 24 Jul 2023 06:29:03 +0000

NHPC Ltd does not plan to invest in wind energy and will focus only on solar power for its renewable energy portfolio, the NHPCs director (finance), RP Goyal, told .“Whatever we are going to do in the renewable energy (RE) segment, it is going to be solar only. Wind energy is not our focus and there are no projects planned on that front,” Goyal said; Money Control

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‘Efforts pave the path to success’

Newsmantra — Tue, 18 Jul 2023 06:14:37 +0000

‘Efforts pave the path to success’, Director, Human Resources, HPCL Sh. K S Shetty, during interaction with Samavesh’23 participants, emphasized the importance of a positive approach and giving 100% effort on each assignment.

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Smt. Parminder Chopra, Acting CMD PFC bestowed with the ICAI ‘Icon of the Year’

Newsmantra — Mon, 17 Jul 2023 05:22:41 +0000

Smt. Parminder Chopra, Director (Finance) & CMD – Addl. Charge, PFC has been bestowed with the prestigious ‘Icon of the Year’ by the ICAI. Shri Arjun Ram Meghwal, Union Minister of Law and Justice & Minister of State for Culture and Parliamentary Affairs presented the award. Shri RK Malhotra, ED (Finance) Shri Sanjay Mehrotra, ED, (Finance) and Shri Mohd. Salim, SGM (Finance) were also present during the award ceremony held on 14th July, 2023 in New Delhi.

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GRSE Director (Finance) Honored with Best CFO Award

Newsmantra — Fri, 14 Jul 2023 05:49:33 +0000

Shri Ramesh Kumar Dash, Director (Finance) at GRSE, Kolkata, has been recognized with the Best CFO Award ” at the 7th CMA CFO Awards – 2022.

The award, presented by The Institute of Cost Accountants of India, acknowledges Shri Dash’s exceptional contributions to the financial management of GRSE.

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Director of HR, MOIL, Ms. Usha Singh, gave insights to 260+ students at IIM Nagpur’s Leadership Talk series.The session received a great response.

Newsmantra — Mon, 10 Jul 2023 07:48:30 +0000

Director of HR, MOIL, Ms. Usha Singh, gave insights to 260+ students at IIM Nagpur’s Leadership Talk series. The session received a great response.

The post Director of HR, MOIL, Ms. Usha Singh, gave insights to 260+ students at IIM Nagpur’s Leadership Talk series.The session received a great response. appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

Director of HR, MOIL, Ms. Usha Singh, gave insights to 260+ students at IIM Nagpur’s Leadership Talk series. The session received a great response.

Newsmantra — Sun, 09 Jul 2023 08:00:48 +0000

Director of HR, MOIL, Ms. Usha Singh, gave insights to 260+ students at IIM Nagpur’s Leadership Talk series. The session received a great response.

The post Director of HR, MOIL, Ms. Usha Singh, gave insights to 260+ students at IIM Nagpur’s Leadership Talk series. The session received a great response. appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

Shri R.R. Jha, Director (Projects) PFC, participated as a speaker in a panel discussion titled “Demystifying Public Procurement: Best Practices” at the Public Procurement Conference organized by IEEMA.

Newsmantra — Sun, 09 Jul 2023 07:37:39 +0000

Shri R.R. Jha, Director (Projects) PFC, participated as a speaker in a panel discussion titled “Demystifying Public Procurement: Best Practices” at the Public Procurement Conference organized by IEEMA.

The post Shri R.R. Jha, Director (Projects) PFC, participated as a speaker in a panel discussion titled “Demystifying Public Procurement: Best Practices” at the Public Procurement Conference organized by IEEMA. appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

Rajiv Kumar Porwal takes charge as Director (System Operation) of Grid India

Newsmantra — Sun, 09 Jul 2023 07:24:41 +0000

Shri Rajiv Kumar Porwal has assumed charge as Director (System Operation) of Grid Controller of India Limited (Grid-India) at New Delhi. Prior to his elevation he was contributing as Executive Director, NRLDC, Grid-India.

Shri R K Porwal obtained Bachelor’s Degree in Electrical Engineering from M.M.M.Engg. College, Gorakhpur and M. Tech in Power EC, Electrical Machines and Drives (PEEMD) from IIT Delhi. He has around three decades’ experience in Power System Operation spread across POWERGRID and Grid-India.As Director (System Operation) of Grid India, Shri Porwal will be responsible for the overall secure and reliable operation of the India’s Power System, operational planning, grid integration, scheduling and dispatch of electricity, monitoring real-time electricity grid operations, post facto analysis of the grid operations through the NLDC & RLDCs as well as cyber security.

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