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Informist, Tuesday, Oct. 7, 2025

 

MUMBAI – India's fintech sector has strong payments services business and some credit operations, but the sector must foray beyond and focus on providing pension and insurance products as well, NITI Aayog Chief Executive Officer B.V.R. Subrahmanyam said Tuesday. Even the credit business is small-scale, Subrahmanyam pointed out. 

 

Considering India's demography, there will be over 30 million people over the age of 60 by 2047, Subrahmanyam said. This is a good time for fintech companies to start working on insurance and pension products, said the CEO of the government's think-tank.

 

Fintech companies must also focus on large-scale credit business and strengthen their reach to micro small and medium enterprises, Subrahmanyam said. India's fintech landscape is strewn with several payment services and digital wallet providers like GooglePay, PhonePe, and Paytm, but there are no pension product providers, and only a handful of companies have insurance and credit services business.  End

 

Reported by Krity Ambey

Edited by Avishek Dutta

 

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