Budget Expectations 2024: V. Balasubramanian, CEO, FSS Cash Tech

23 Jan 2024 , 12:11 PM

Given that this will be an interim Budget, I expect the Honorable Finance Minister Nirmala Sitharaman to showcase the government’s vision leading up to the upcoming Lok Sabha elections. This government has always focused on making India digitally progressive, which is one of the reasons why we have seen digital payments grow exponentially over the last few years. 

We’re now at a stage where customers expect digital payments to be fast, secure, and smooth. In this light, financial institutions and companies will have to use new-age technologies to meet customer expectations. Cloud technology will play a big role here. RBI’s proposal to establish a cloud facility for the financial sector was a major move in this direction. I hope the FM furthers this in the Budget, and we would like to see dedicated policies on cloud technology for payment. With the recent milestone achievement by the Reserve Bank of India (RBI) of digital rupee surpassing 1 million daily transactions (as on December 27, 2023), CBDC should be included as a part of financial inclusion in the budget this year. The government should also focus on expanding the reach of digital payments to the smaller cities and towns in India. What is now becoming the norm in urban India needs to be adopted across the country as well to take Digital India to the next level.