25 per cent in 2013 to 50 per cent in 2017. the average debt - to - turnover ratio among indebted firms fell from 48 per cent to 31 per cent over the same period. this survey evidence tallies with aggregate statistics, which show a large fall in outstanding bank credit to smes between 2010 and 2018. the substantial paying down of legacy debts incurred before the crisis have occurred in tandem with rapid growth in the issuance of new loans. our statistics report that new bank lending to smes outside of the financial and property - related sectors rose from €1. 9 billion in 2013 to €3. 7 billion in 2017. the agriculture and wholesale and retail sectors to have received the largest share of this new lending, at just over 45 per cent between them. regionally, sme lending is broadly balanced : the proportion of new lending to sme borrowers based in dublin is about in line with the capital ’ s population share. the increases in new bank lending volumes have occurred simultaneously with steady declines in the share of sme credit applications being rejected and a decline in the share of smes reporting more difficult financing conditions. an interesting feature of this new credit landscape is that loan application rates have not increased during the economic recovery, and are currently lower in ireland than in many european countries. as many as half of smes currently report that they are not applying for credit because they hold sufficient internal funding. one interpretation is that this simply reflects limited funding needs due to the nature of the activities undertaken by these firms. a possible alternative interpretation is the scarring effects of the crisis has increased risk aversion in the business community, limiting the appetite to undertake riskier or more ambitious investment programmes. there are a number of government initiatives to facilitate greater access to the finance, and have 2 / 4 bis central bankers'speeches formed an important part of the post - crisis response in ireland. the strategic banking corporation of ireland administers a range of schemes channelling funds through the traditional banking sector and through non - bank finance providers. by the end of 2017, sbci had facilitated over €900m in loans to smes. the ireland strategic investment fund ( isif ) also participates in the sme finance market, including by taking direct equity positions in companies and facilitating greater access to credit. at the end of 2017, isif had €663m in commitments to sme - orientated projects. in the first half of 2018, isif invested a further €110

shaktikanta das : opportunities and challenges of fintech keynote address by mr shaktikanta das, governor of the reserve bank of india, at fintech conclave 2019, organized by niti aayog, new delhi, 25 march 2019. * * * i am extremely happy to participate in niti aayog ’ s fintech conclave 2019 and share my thoughts on the technological revolution that is shaping the future of finance. i am particularly thankful to shri amitabh kant, ceo of niti aayog for having invited me to such an august gathering. as i understand, this conclave is woven around the theme of indian fintech ecosystem as well as steps required to help achieve the potential that the sector offers towards growth, employment and inclusion. given the wide canvas that fintech encompasses, i have organised my thoughts on some of the core issues in this area. 2. in general, fintech stands for financial technology and describes technologically enabled financial innovations. from ‘ start - ups ’ to ‘ big - techs ’ to established financial institutions, all the key players are harnessing this technological edge along the financial services ’ value chain to provide agile, efficient and differentiated experiences to the end - user. this movement has the potential to fundamentally transform the financial - landscape where consumers will get to choose from a larger set of options at competitive prices and financial institutions could improve efficiency through lower operational costs. as a country that is determined to achieve universal financial inclusion at affordable costs, this is a defining moment for us, and we should seize the opportunity. fintech experience in india 3. india has been at the forefront of this revolution. a recent global survey ranks india second in terms of fintech adoption, with an adoption rate of 52 per cent 1. it is reported that there are as many as 1218 fintech firms operating in india which have created a large number of jobs. they are also generating a healthy appetite for investment. 4. the reserve bank has over the years encouraged greater use of electronic payments so as to achieve a “ less - cash ” society. the objective has been to provide a payment system that combines the attributes of safety, security, enhanced convenience and accessibility, leveraging technological solutions that enable faster processing. affordability, interoperability, and customer awareness and protection have also been other focus areas. banks have been the traditional gateway to payment services. however, with the fast pace of technological changes, this domain is no longer the monopoly of banks