Mumbai, Aug 8 (PTI) Chief Economic Advisor V Anantha Nageswaran on Thursday exhorted the fintech industry to guard against excessive lending and short-term focus to ensure that the technological possibilities and product innovations deliver on their promise.

As it happens with any new device or tool, fintech holds immense possibilities, but there are challenges as well, Nageswaran reminded.

Also Read | Mpox Outbreak To Be Declared Public Health Emergency? Ahead of WHO Meeting on Africa Situation, Know Symptoms, Causes, Treatment and Preventive Measures.

"The market participants, industry participants'¦(should) be cognizant of the challenges and the dangers that a potent combination of finance and technology together can pose to social stability, to the fortunes of the low and middle-income people and also to micro and small enterprises," he said, speaking at the ninth Global Economic Summit arranged by the World Trade Centre here.

Nageswaran urged the industry to ensure that no damage is caused to the savings, incomes and wealth of the consumers in a country like ours having low financial literacy.

Also Read | Shillong Teer Results Today, August 08 2024: Check Winning Numbers, Result Chart for Shillong Morning Teer, Shillong Night Teer, Khanapara Teer, Juwai Teer and Jowai Ladrymbai.

Fintech providers will have to guard against "excessive lending and short-term focus" in order to ensure that the successes accrue, he added.

He said everybody understands financial literacy and its importance but seldom understands the practical implications, and hence, the onus is doubly higher on the industry.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)