FinTech Sector Must Prioritize Financial Literacy, Consumer Protection: DFS Secretary

M Nagaraju, Secretary at the Department of Financial Services (DFS), has urged India's FinTech sector to place greater emphasis on financial education and consumer protection, as the country continues its rapid digital transformation.

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Speaking at the CII Financial Inclusion and FinTech Summit, Nagaraju said FinTech companies have a unique opportunity to educate millions of Indians on the safe use of financial services. He warned that a lack of awareness often leads people to fall prey to cyber frauds. "You bring to bear your tools of innovation and easy-to-operate systems to ensure that people are not defrauded by the fraudsters," Nagaraju told the FinTech community, stressing that safeguarding vulnerable consumers must be a top priority. He called for robust grievance redressal systems, fair treatment of users, and enhanced fraud protection measures within the FinTech ecosystem.