Page 33 - IMDR JOURNAL 2020-21

IMDR’s Journal of Management Development and Research 2020-21

Fintech Self Reliance –
A Gateway to “ATMANIRBHAR” Bharat

Kunj Trivedi, Saurabh Pol, Swaraj Thakre
Institute of Management Development and Research, Pune

use of Artificial Intelligence is also going to mark a
remarkable change on how human will anticipate its
future.

Technology is an area where India can strongly put
Abstract: Technology plays an important role in forth its steps towards being self-reliant, with artificial
the way human satisfy their needs. Financial sector intelligence, finance, logistics, e-commerce and
has been revolutionized with the use of technology, other sectors. Financial sector can be revolutionized
India with the advent of Rupay and UPI as next with the use of technology, India with the advent
generation payment system has started the most of Rupay and UPI as next generation payment
effective and faster way of payment. The aim of system has started the most effective and faster way
this article is to study the overall effectiveness of of payment. It has revolutionized the way financial
payment system Rupay and UPI, both developed by transaction could be done and the ease with which it
India and which are now accepted worldwide. The is been adapted is also commendable.
study is based on secondary data and focused on the
significance and acceptability of the technology in With the population of over 138 crore and an
financial transactions. economy of $2.8 trillion these statistics are sufficient
to prove the scope of what financial self-reliance
could mean to our country and how bigger impact
it will have on our economy. Banking sector is the
major interface or the closer transactional point for
1. Introduction: In the last decade of 20th century any financial service utilized by common people, and
when India embarked on the three principles of with the digitization of the banking sector it easy to
liberalization, Privatization and Globalization cater the need of any individual customer. The use of
technology was the backbone that revolutionalised digitized modes for payment are now more popular
the Indian growth and was a foundational stone than the traditional way of paper currency. Modes
while stepping in the era of globalization. of payment are transformed into Plastic money i.e.,
The three industrial revolution which impacted the Credit cards and Debits card, UPI and QR code
the human way of life and thinking started with the payment have gained great acceptance amongst the
invention of Steam engine in 1765 which brought people and the businesses across India. India has
the first phase of mechanization in the industries rooted its steps in the era where use of technology
and increased the production with the steam power. will bring more effectiveness and efficiency in our
The second revolution took place with the invention financial sector.
of assembly line by Henry Ford which increased the
speed and production in the factories with moving National Payment Corporation of India (NPCI)
assembly line. India completely missed the third is a “Not for Profit” company which is responsible
phase of revolution which was automation of the for operating retail payment and settlement in India
earlier mechanized production system reducing an initiative by Reserve Bank of India (RBI) and
the human efforts to a certain extent. We are now Indian Bank Association (IBA). Rupay, Immediate
in the fourth phase of the revolution termed as the Payment Service (IMPS), Unified Payment System
Digitization era which is the phase of Information (UPI), Aadhar Based Payment system (ABPS) are
Technology where data is the new fuel to run the some of the widely used financial services introduced
systems the human efforts are substituted by robots, by NPCI.

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