Fintech firms should view rural areas as new markets, not just social responsibility: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman has appealed to Indian fintech startups to view the country’s agriculture sector and rural areas as more than just a social responsibility, as they are an opportunity to “create new markets”.

FM Sitharaman urges fintechs to focus on rural areas

“Agriculture and rural areas need more innovations so that farmers will have to be connected to the markets better. Every fintech firm should view rural India as a fertile ground not just as a social responsibility but as an opportunity to create new markets. And you’ll know from the Fast Moving Consumer Goods (FMCG) companies that in the rural area today demand is reviving and sustaining itself and it is there that we need to have greater participation from our side,” the Finance Minister said on Wednesday at the Digital Payments Awards 2025, hosted by the Ministry of Finance’s Department of Financial Services. 

She urged fintechs to participate more when it comes to providing credit to Micro, Small, and Medium Enterprises (MSMEs).

The Finance Minister commented that many other countries could only dream about the speed with which Indian companies are innovating in the digital payments space, with several advanced countries not making progress at the same pace.

“There are several countries which appreciate and equally ask us if there can be an interaction which can be enabled,” Sitharaman said.

Also read: “They saw Anupam (Mittal) and me become heroes,” Aman Gupta claims new sharks are using show for image makeover (startuppedia.in)

Digital Payments Awards

Punjab National Bank, Bank of Baroda, and UCO Bank in the public sector bank category, and HDFC Bank, City Union Bank, and IDFC FIRST Bank among the private banks won at the Digital Payments Awards.

In the small finance and payments bank categories, Equitas Small Finance Bank and India Post Payments Bank were named winners.

Among fintechs, WhatsApp Meta, Navi, and Mobikwik won joint first place in the third-party app providers category.

PhonePe, Paytm, and Google Pay were awarded the top three places in the offline digital payments acceptance infrastructure category.

Also read: 'Get your spouse involved as a partner': 66-YO billionaire Jay Chaudhry tells young entrepreneurs (startuppedia.in)