Rahul Jain – CFO, NTT DATA Payment Services India welcomes Budget 2025
Rahul Jain – CFO, NTT DATA Payment Services India
“We welcome this budget, which provides strong fiscal support to reshape the financial landscape, boost consumption, and empower every individual. The exemption of income tax up to ₹12 lakh is a decisive step, allowing more disposable income that will spur demand. This is expected to significantly benefit digital payment companies as it will lead to higher transaction volumes. Plan to roll out a new revamped central Know Your Customer (KYC) registry this year is a welcome move. Meanwhile, strengthening the country’s 1.5 lakh rural post offices network through the India Post Payment Bank will have a profound impact on the rural economic landscape. This initiative will encourage a larger population to use banking services and avail digital payments, thereby expanding the customer base for digital payment companies. Additionally, revamping the PM SVANidhi scheme with enhanced loans from banks and UPI-linked credit cards with a limit of ₹30,000 is another significant step that will benefit street vendors at large. This move not only empowers street vendors but also boosts India’s fintech ecosystem. Overall, these measures are poised to create a conducive environment for fintech ecosystem to thrive, enhancing their growth prospects while promoting financial inclusion across diverse segments of the economy”.