Huge opportunity lies ahead for Indian fintech firms, says Niti Aayog CEO

Video on boarding and use of AI can be the way forward," he said. Kant further said India has prepared itself for disruption that has happened by pushing digitisation, while in the Western world, leaders are still figuring out how to distribute money to people and business affected by the COVID-19 pandemic.

He also stressed on the need to increase sachetisation of financial products.

The Niti Aayog CEO also pointed out that India needs low cost, high volume products and flow-based lending to give push to financial integration.Kant said India will have to build infrastructure to become a role model for the rest of the world."We are in the midst of challenging times because of COVID-19 and going forward, we will be increasingly doing faceless transactions," he said.

Kant observed that the fintech industry in India can solve India's unique needs like financial inclusion, access to credit and limited insurance reach.He also emphasised on the need to localise digital offerings by fintech companies and allow for local dialects, languages for a holistic financial integration.

"Forget english, go vernacular," Kant urged fintech players.He also highlighted that through use of technology and digitisation of processes, under the direct benefit transfer, the government has seamlessly transferred Rs 11.1 lakh crore under 426 operational schemes across 56 ministries and departments -- thus saving Rs 1.7 lakh crore by avoiding leakages.