India’s Finance Minister Calls on Startups to Combat Cyber Fraud
In light of the increasing threat posed by cyber frauds and digital crimes, Union Finance Minister Nirmala Sitharaman has urged Indian startups to create effective technological solutions to combat emerging challenges such as Deepfakes and online scams. This call to action was made during the Digital Payments Awards 2025, emphasizing the critical intersection of financial technology, consumer protection, and cybersecurity.
Emphasizing Cybersecurity in Fintech
During her address at the awards ceremony, Sitharaman stressed the importance of startups developing solutions that protect individuals from scams, stating, “It is important that startups offer solutions so that people are not stopped at home numerically, or fly operators per night do not take their money.” She highlighted the urgent need to address these new forms of cyber threats effectively.
The Threat of Deepfake Technology
The Minister also pointed to Deepfake technology as a significant concern, indicating that it has already caused considerable damage to the public. She called for a proactive Fintech ecosystem capable of implementing safeguards and countermeasures against such risks, reiterating the necessity for innovation in this area.
Celebrating Fintech Innovations
Sitharaman recognized the Fintech sector for spearheading a digital finance revolution and enhancing financial inclusion, particularly in remote and rural areas. She noted that India now accounts for nearly 50% of all real-time digital transactions globally, attributing this rapid transformation to Fintech innovations.
Success of Direct Benefit Transfer Mechanisms
In her speech, she also highlighted the effectiveness of Direct Benefit Transfer (DBT) systems in eliminating leakages and ensuring direct assistance to citizens. Since its implementation in 2014, over 44 lakh crores have been transferred through DBT, achieving significant savings in the process.
Global Outreach for Indian Innovations
Nirmala Sitharaman referred to potential Indian innovations as “global public goods,” encouraging Indian companies to export their models and technologies to international markets. She pointed out that the Unified Payments Interface (UPI) has already been adopted at merchant points of sale in several countries, including Bhutan, France, and Mauritius.
Future Prospects for the Indian Fintech Industry
The Minister shared optimistic projections for the Indian Fintech industry, which is expected to surpass USD 400 billion by 2028-29, with an annual growth rate of 30%. She asserted that “the best fintech chapters in India have not yet been written” and urged the Fintech community to focus on innovation and inclusion.
A Call to Action for Innovation and Inspiration
In closing, Sitharaman inspired the Fintech community to innovate boldly and include all citizens in their vision. “Together, innovate, include and inspire,” she urged, encouraging startups to showcase what India can achieve on the global stage.