Amitabh Kant, CEO , Niti Aayog has advised to the growing financial technology firms to use vernacular language to expand their reach. Addressing a virtual summit organized by industry body CII in Mumbai yesterday, Mr. Kant said fintech companies risk alienating audiences and losing steam if they ignore India's diverse set of languages and dialects.
He added that financial integration efforts will need localization of offerings and allowing for dialects and languages as opposed to delivering services only in English. The CEO informed that 80 per cent of Indian citizens have bank accounts now as opposed to 36 per cent in 2011.
He further said, the 39 crore zero balance, no-frills Jan Dhan accounts have an average balance of 3,400 rupees at present. Mr. Kant said, India has a target to take digital payment transactions to one billion a day from the present rate of three billion a month.
