Post Budget Reaction from Yogi Sadana, CEO, CASHe and Founding Member of Fintech Association for Consumer Empowerment

 

“The 2021 Budget has some great positives for the Banking, Digital Lending and Fintech sector that will further strengthen the economy. The measures to clean up the NPAs in the banking sector by creation of an ARC and AMC that will take over the stressed assets and sell to AIFs is a welcome move and will help improve the health of the banking sector. It will also bring in a lot more transparency in the way the sector is run and how they report. Privatization, disinvestment and monetization of assets are absolutely necessary and will bring in much needed liquidity, if implemented correctly. Government’s commitment to facilitate a world-class fintech hub at Gift city and Development Finance Institution capitalized with Rs 20,000 crore can open routes for a wide range of fintech offerings. Reduced margin money for start-ups, proposal to double MSME allocation and Rs. 1,500 crores financial incentive scheme to promote digital modes of payment will further encourage digital transactions in the country thus aiding financial inclusion.”