India achieved 80% financial inclusion rate in just 6 years which in normal course would take 50 years: Smt Nirmala Sitharaman

"India's digital payments success story is a collective effort of all the stakeholders": Smt. Nirmala Sitharaman

 A total 21 awards presented to top-performing Banks and Fintech for their achievements in key parameters

The Department of Financial Services (DFS), Ministry of Finance, hosted the Digital Payments Awards ceremony at Vigyan Bhawan on 18th June 2025, in a significant move to recognize and strengthen the nation’s digital payments ecosystem. 

The event was graced by the Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, and Minister of State for Finance, Shri Pankaj Chaudhary, reaffirming the government’s steadfast commitment to building a robust digital economy. The ceremony witnessed participation from senior DFS officials, along with representatives from 39 leading banks and 84 innovative fintech companies, as well as key stakeholders from central ministries, regulatory bodies, and industry associations, collectively celebrating India’s progress in digital financial inclusion and innovation.

Speaking on the occasion, Union Minister of Finance and Corporate affairs, Smt. Nirmala Sitharaman said that the speed with which innovation is happening in the country is a dream for many.

The Union Minister congratulated the winners and praised banks and fintech for doing extraordinarily well in the digital payements sector.

Creating new paradigms is something unique to Indian Fintech, which several countries have already appreciated. These nations are collaborating with India on the same, Smt. Nirmala Sitharaman said. Today UPI is active in 7 countries, the minister added.

The Union Minister said that nearly half of all real time digital transactions of the world are happening in India with 35 crore active users being a part of UPI system.  

Recognising the role of people in adopting Fintech, Smt. Nirmala Sitharaman said that India's digital payments success story is a collective effort of all the stakeholders. India has 87% Fintech adoption rate compared to 67% globally.

Applauding India's success story, Smt. Nirmala Sitharaman said that India achieved 80% financial inclusion rate in just 6 years which in normal course will take 50 years.

The Union Minister also mentioned that a remarkable achievement is the sandbox that RBI provides. RBI's sandbox framework facilitates ecosystem for digital payements and new innovations.

The Union Minister also persuaded the banks and Fintech to reach the remotest areas of the country. "To achieve the goal of Viksit bharat, make sure to push the boundaries and set new milestones", Smt. Nirmala Sitharaman said.

Speaking at the occasion, Minister of State for Finance, Shri Pankaj Chaudhary highlighted the foundational role of the banking sector and fintechs in powering India’s digital financial transformation. He emphasized that banks have built the infrastructure and trust, while fintechs have driven innovation and user-centric design together making digital payments an everyday reality.

He also spotlighted the impact of PMJDY, which has opened over 55.54 crore accounts with deposits exceeding ₹2.57 lakh crore, including 30.99 crore accounts held by women and 37.05 crore in rural and semi-urban areas. He praised the role of RuPay cards and UPI in democratizing access to digital transactions and noted the success of Direct Benefit Transfer (DBT), which has transferred over ₹44.34 lakh crore directly into beneficiary accounts, turning Jan Dhan accounts into active financial lifelines.

Shri. M Nagaraju, Secretary, DFS in his address highlighted that India’s digital payements sector has increased exponentially in the past few years. In FY 2024-25, UPI achieved a landmark with 18,587 crore transactions amounting to 261 lakh crore in value. This growth is a result of innovation and user centric approach, Secretary added.

The awards ceremony acknowledged the vital role played by banks and fintechs in driving the digital payments revolution across India. A total of 10 awards were presented to top-performing banks for their achievements in key parameters such as digital payment transactions, Merchant Acquisition, Frauds and Grievances, Acceptance Infrastructure, Product Innovations, and System Resilience in FY 2024-25. Additionally, 11 awards were conferred upon leading fintechs in three categories: Emerging Third-Party Application Providers (TPAPs), Digital Payments Acceptance Infrastructure, and Technical Service Providers. These recognitions celebrated the institutions that have demonstrated excellence and innovation in advancing digital payments and financial inclusion

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The event marked a major milestone in the government's efforts to promote digital payments and drive digital transformation in India. It is expected to bring together various stakeholders, including the government, industry, and citizens, to drive the growth of the digital economy and promote financial inclusion.