CURRENT AFFAIRS

Detailed explanation-1: -Encourage an OPEN ecosystem across the FinTech industry. Foster co-innovation and growth.

Detailed explanation-2: -The overarching theme of Fintech Month of NITI Aayog is ‘OPEN’. An open platform is created using public investment, wherein numerous private entrepreneurs, start-ups and developers can join to create new solutions.

Detailed explanation-3: -Three key themes One, sustainable and inclusive finance: financial inclusion and literacy, sustainable and green finance, circular economy, diversity, equity and inclusion, and Sustainable Development Goals.

Detailed explanation-4: -The Fintech sector in India has seen a funding of $8.53 Bn (in 278 deals) in FY22. As of July 2022, India has 23 Fintech companies, which have gained ‘Unicorn Status’ with a valuation of over $1 Bn.