New Delhi:- Chairman, Infosys Technologies Limited, Nandan Nilelani listed the journey of digital finance in India and drew attention to important challenges that it can face in days to come.
Nilekani was speaking at the World Consumer Rights Day 2022, celebrated every year on March 15 to raise global awareness of consumer rights and demands. This year the International Consumer Rights Day is being celebrated on the theme of ‘Fair Digital Finance.’
The increase in digital transactions/UPI is slated to increase to 1 billion per day and in such a case, if there is an issue, it will need to be resolved immediately, he said, adding, “We need to be ready for more complex consumer redressal methods and also, online dispute redressal is needed for all areas of consumer awareness.
Nilekani also suggested there is a huge opportunity for use of AI in consumer redressal.
Minister of State for Ministry of Consumer Affairs, Food and Public Distribution, Ashwini Kumar Chaubey spoke elaborately on the consumer portal and consumer helplines and then pointed out how 102 companies have been fined for Rs 69 lakh plus for consumer violations.
Rohit Kumar Singh, Secretary, Department of Consumer Affairs, observed that the Consumer Helpline ‘14404’ has to be upgraded and said, “We will ensure that it is upgraded soon with latest technology consideration.”
As e-commerce increases exponentially, “we will need to come up with systems that will protect the consumers from big e-commerce companies,” he said.
Additional Secretary, Department of Consumer Affairs, Nidhi Khare said, “Digital financial inclusion has been a priority for this government. As many as 44.82 crore accounts have been opened of which above 40 per cent belong to women.”
Digital payments have enabled digital inclusion and digital finance and services have digital global economy, she added.