Post-budget 2018 Reaction Mr. Rishi Gupta, MD & CEO, Fino Payments Bank

A pragmatic budget as far as rural sector is concerned. The focus on addressing farmer income issues, increase in MUDRA scheme allocation and incentivizing MSMEs is a positive sign. Further, the thrust on job creation through rural as well as other infrastructure projects is expected to improve income levels leading to increase in economic activity and growth.

For new age banks like payments banks, these developments augur well as improvement in income levels is expected to drive more people towards using banking services and investing in relevant financial products. Also, it may be noted that the emergence of new banks has generated employment, especially in rural areas. Fino Payments Bank alone has been able to provide employment to close to 25000 people across 14 states.

From promoting digital economy perspective, allocating funds towards creating digital infrastructure, promoting cashless payments, and building smart cities is encouraging. However, reducing GST slab on banking services and duties on Micro ATM devices would have benefited the banking and financial services ecosystem.

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