There can be no better testament to India's world-class fintech innovation than the fact that it leads the world with an 87% fintech adoption rate.

The story behind the number is that India's fintech sector has greatly added value to people's lives, from the local street vendor using QR codes for payments to businesses adopting new-age payroll management systems.

By democratising access to financial data, the AA framework has opened up endless possibilities for more fintech innovation.

While India's burgeoning fintech industry grapples with profitability on account of providing most of their services for free, a lot of the innovation is underpinned by VC funding.

With lofty objectives of bridging the gap in financial inclusion and helping Indians build wealth, the fintech sectors' progress should not be cut short by unfavourable economic conditions.

This would free up substantial working capital, enabling early-stage fintech startups to focus on innovation in critical areas, such as improving the security and reliability of digital payments and providing greater access to banking, credit and investment services, instead of preserving capital.

If implemented, such a move would unlock the fintech sector's potential to further national objectives in a sustainable manner while delivering long term and resilient customer-centric solutions.