Expectations of the FinTech and Digital lending industry from the interim Union Budget 2024

Anticipation grows as the Union Budget 2024 approaches, and the fintech industry eagerly awaits its unveiling. The pivotal financial document termed as the ‘Interim Budget’ holds the key to shaping the trajectory of India’s fintech sector between 1st April 2024 and 31st March 2025, providing a roadmap that redefines the rules of the financial technology landscape in the country. Amongst the key expectations are boosting financial inclusion, fuelling innovation and growth, and addressing regulatory concerns. Beyond these, industry aspirations also encompass streamlined access to credit and financial services for MSMEs through fintech platforms, investment in programs to bridge the talent gap in the fintech domain, and encouragement for partnerships between established financial institutions and fintech startups to accelerate digital transformation.

However, the industry’s hopes and concerns remain vast and nuanced, and to delve deeper, here are some opinions from industry experts on what could benefit the Indian economy at large.

We anticipate the Interim Budget 2024 to align with the government’s mission of uplifting the underprivileged and urge the government to introduce beneficiary schemes, especially as the General Sabha election approaches, focusing on the socio-economic empowerment of the marginalised. Acknowledging the FinTech and tech-based gold loan industry’s pivotal role in reshaping financial services, we hope for policies supporting our growth, particularly in Tier 2, 3, and 4 cities, aiming to integrate rural communities into the formal banking system. Incentivising FinTech dedicated to empowering SMEs through financial and technical interventions would mark a significant stride. Addressing loan disbursement including loans against gold/jewellery, we recommend regulations fostering collaboration between traditional banks and digital lenders for accessible loans. With the budget on the horizon, SahiBandhu Gold Loans, the largest gold loan aggregator platform eagerly anticipates a budget that propels innovation and inclusion in the rapidly evolving FinTech and gold-tech landscape,” said Anuj Arora, Co-Founder & COO, SahiBandhu Gold Loans, the largest gold loan aggregator platform.


Mr. Roshan Shah, Co-Founder&CEO, VoloFin added, “The fintech industry is the backbone of India’s economic growth and resilience. We expect the Interim Budget 2024 to recognize the potential and challenges of FinTech and provide an ecosystem to support and enable it to operate. VoloFin supports the continuous growth of exporters, from SMEs to large corporations, across industries and geographies, and delivers instant liquidity with no collateral through our state-of-the-art technology platform. We hope that the government will facilitate the adoption of trade financing, simplify tax and compliance standards, and promote financial digitization and innovation.

Fintech Watch is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest fintech insights!” Click here!

Mr. Sarvjeet Virk, Co-Founder & MD, Finvasia further stated, “As we approach Budget 2024, we anticipate a continued focus on advancing India’s digital public infrastructure, a key pillar for realizing the $5 trillion economy dream. I look forward to enhanced government initiatives fostering financial inclusion benefiting Bharat, not just India. On the tech front, I hope to see further progress in establishing AI Centres of Excellence. I also expect more policies to enable public-private partnerships to boost end-use cases of generative and predictive AI and increase its adoption in India. The fintech industry, as usual, will be the flag bearer of innovation. Government support, both in terms of policies and funding, will be instrumental in propelling the fintech sector to new heights of success.


Disclaimer: The views expressed here by the authors are their own and do not reflect the views of Fintech Watch