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Budget reaction - Fintech sector - AGS Transact Technologies Limited

Posted On: 2017-02-02 10:29:13

Mr. Ravi Goyal, Chairman and Managing Director, AGS Transact Technologies Limited.

"As a leading end-to-end payment solutions provider, we welcome the pro-growth policies announced in today's Union Budget which gives a strong impetus to all forms of transactions - especially the digital and the alternate payments ecosystem. The introduction of measures like AadharPay, targeting 2500 crore digital transactions across platforms like UPI will bring ease in transactions especially in rural and semi urban areas (RUSU) as well as incentivise the merchants owing to favorable merchant discount rate (MDR). Furthermore, creating digital infrastructure at petrol pumps will increase the ambit of cashless transactions/payments. Digitisation being one of the key agendas for next Financial year, the continued thrust on digitizing platforms will definitely give a fillip to India's booming FinTech and Banking Payments Services industry by bringing efficiencies and driving greater customer adoption.

With a much-needed boost of INR 10,000 crores for recapitalisation of banking institutions under the Indradhanush scheme, the NPA limit enhancement from 7.5 to 8.5 pc and with affordable housing thrust, banking sector will witness an upsurge in performance. The profitability boost combined with JAM trinity will bring in vigor for the ATM industry fostering greater outreach in Semi-urban and Rural areas.

We also laud the tax exemptions on duties levied on manufacturing miniature PoS & m-PoS machines and on its import coupled with the target to develop 10 lakhs additional PoS terminals by March FY'17 which will further incentivise domestic players like us in building India's digital economy. As the exclusive technology partners of the first of its kind Kochi Metro Rail Ltd (KMRL) project, we are glad to see a formal impetus from the government in this direction and eagerly await more details on the policy."


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