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India’s National Food Security Act (NSFA), which came into effect in 2013, declared that the poor in urban and rural areas of the country had a constitutional right to food. The NFSA provides monthly food subsidies to roughly 800 million poor individuals in all 36 Indian states and union territories in the country. The subsidy is in the form of 5 kilograms of rice, wheat, or a combination of both.
According to a global quarterly report by KPMG, last year, USD $24.7 billion was invested in FinTech companies across the globe. India too has witnessed a flurry of venture capital investments, particularly in the areas of SME lending, P2P lending, mobile wallets, payment services and robo-advisory.
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