Quote by Mr. Anil Pinapala, Member – Fintech association for consumer empowerment and CEO & Founder of ViVifi:
One of the most pressing needs for the Fintech sector is cost-efficient capital, with the banks literally sitting on piles of cash that haven’t made it to the hands of small and mid-sized NBFCs either as a part of TLTRO 1.0 and TLTRO 2.0 it would be a great step in positive direction if the Budget forces the banks to ensure the funds flow to NBFCs especially the ones which are small and mid-sized on one hand while simultaneously easing the norms for getting Foreign Capital both as debt and equity. As the Fintechs address the credit needs of individuals and businesses which are not typically catered to by Banks, greater foreign participation in the financial system will address a chronic shortage in domestic capital that is willing to address the underserved segments.
Quote by Satyam Kumar, Founding Member of Fintech Association for Consumer Empowerment, CEO and Co-Founder, Loan Tap:
India’s economy is changing drastically with the evolution of the digital landscape across industries. The pandemic has given an upward push to the fintech sector and has also given big opportunities to create one-stop solution platforms for all the consumers. As seen in the past budget sessions the government and RBI are working together and taking several initiatives to boost the fintech ecosystem. In 2021, we expect that the government will focus more on the development of digital infrastructure to enhance customer experiences, credit quality, and also streamline the growth in FY21-22.
