Centre saved Rs 900 bn using digital transfers in 440 govt schemes: Kant

The Centre has saved Rs 900 billion by digitally transferring money to beneficiaries of 440 government schemes, Niti Aayog CEO Amitabh Kant said on Tuesday.

Kant further said India will be the first country in the world which will make debit/credit cards redundant.

"(The) government is ahead of private sector in financial inclusion. We have digitised our economy. Unlike USA, in India data is public owned," he said at an event organised by CII.

Kant said India has pole-vaulted in the top 5 FinTech countries globally.

"There are more than 1,200 FinTech companies operating in India," he said, adding that the sector saw  $3 billion investment in 2017 with number of deals jumping from 26 in 2014 to more than 200 in 2017.

Observing that challenges India faces are very unique, Kant said, "We need to find solutions that lie with the lower strata of society, of moving from poverty to middle-income group".