The IT Minister, Ashwini Vaishnaw, has encouraged the banking industry to develop a digital platform that is as strong, smooth and resilient as UPI (Unified Payments Interface) to give quick and simple loans to MSME and small company owners.
‘Can we create a platform as powerful, as good, as seamless and as digital as the UPI platform for providing very quick and easy credit to MSMEs and people who are at the bottom of the pyramid?’, the minister asked.
Vaishnaw spoke at the ‘Digital Payment Utsav,’ which was part of the ‘Azadi ka Digital Mahotsav,’ a weeklong celebration of India’s digital successes in the capital. Over the next three months, Vaishnaw has invited bankers to come up with intriguing ideas for such a platform.
‘You have, today, a very good ecosystem of Aadhar, Digilocker and UPI to take up the challenge. Work on the challenge for the next three months, come back, and I will work the whole day with you to look at the concepts you have brought’, he said.
Minister of State for Electronics and Information Technology Rajeev Chandrasekhar, speaking at the occasion, stated that technology will play a significant and defining role in determining the country’s future. Innovative solutions, such as payments-on-the-go, were also unveiled during the event. Various fintechs, banks, and other ecosystem partners set up almost 40 stalls to contribute to the country’s digital payments.
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Various cultural events, an awards ceremony for banks and fintech, the unveiling of the ‘Chutki Baja Ke’ digital payments anthem, and the flag-off of the ‘Digital Payments Sandesh Yatra’ initiative were among the highlights of the event.
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