New Delhi, July 7, 2025 — DFS Secretary M. Nagaraju, (1993-batch) IAS officer from the Tripura cadre has urged fintech firms to boost offline digital payment solutions for wider financial inclusion. Speaking at the CII Summit on Financial Inclusion and FinTech, he emphasized how offline tools can transform access for digitally excluded communities across India.
Offline Payments: A Catalyst for Inclusive Growth
Nagaraju highlighted that seven of the 17 UN Sustainable Development Goals (SDGs) directly link to financial inclusion. These include goals such as eliminating poverty, ensuring gender equality, and driving economic growth. He said offline payments will enable access in remote areas with poor internet connectivity.
India’s Jan Dhan Revolution Sets the Benchmark
He cited the success of Pradhan Mantri Jan Dhan Yojana (PMJDY) as a global case study. In 2014, only 35% of Indian adults had bank accounts. Today, that figure stands at 99%, thanks to robust collaboration between the government and private sector fintechs. He asked fintechs to replicate this model for offline payments.
Bridging the Gap for the Unconnected
Nagaraju pointed out that internet penetration remains uneven in India’s rural and tribal belts. Many citizens still lack smartphones or connectivity. He said that offline tools like NFC, QR codes, and USSD-based services can help bridge this divide. He urged developers to prioritize accessibility and inclusivity in product design.
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Offline Tech Should Lead the Fintech Agenda
He emphasized that building offline-compatible solutions isn’t just optional—it is essential for equitable economic development. He added that fintech innovation must align with public interest and infrastructure realities. Solutions that work without internet will help reach India’s most underserved populations.
Financial Inclusion: A National Priority
The DFS Secretary concluded by saying that financial inclusion is not just policy—it’s a nation-building tool. He urged the fintech ecosystem to innovate responsibly and inclusively. Empowering every citizen through finance must be a shared mission.
About M. Nagaraju
M. Nagaraju is the current Secretary of the Department of Financial Services (DFS) under the Ministry of Finance. He oversees public sector banks, insurance, pensions, and financial inclusion programs. Under his leadership, DFS has focused on technology-driven, citizen-friendly reforms to democratize financial services.
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