PM Modi
Prime Minister Narendra Modi, while addressing the Global FinTech Fest in Mumbai on Friday, stated that India’s fintech revolution has significantly improved the quality of life and will continue to enhance living standards worldwide. He highlighted the distinctive nature of India’s fintech revolution, emphasizing its remarkable innovation and rapid adoption. PM Modi pointed out that no other country has embraced fintech at the scale and speed that India has, and this revolution has successfully bridged the gap between rural and urban areas.
Speaking at a special session of the three-day event held at the Jio World Convention Centre in BKC, Mumbai, and organized by the Payments Council of India, the National Payments Corporation of India, and the Fintech Convergence Council, Modi took a jab at the opposition. He mentioned that, a decade ago, ‘scholars in parliament’ would have doubted the viability of fintech due to the lack of banking networks, internet, and electricity in rural regions.
PM Modi shared that, over the past decade, broadband connections have surged from 60 million to 940 million. He added that nearly every adult now possesses a digital identity through Aadhaar. He also noted that the number of Jan Dhan accounts has reached 530 million, comparable to the population of the entire European Union. He credited the transformation to the synergy between Jan Dhan accounts, mobile phones, and Aadhaar.
The Prime Minister emphasized that India, once known for its cultural diversity, is now celebrated for its fintech diversity. He revealed that India’s fintech sector is valued at ₹31 billion, with the number of fintech start-ups increasing by 5,005%. He attributed this growth to affordable mobile devices, low-cost data, and zero-balance Jan Dhan accounts, noting that India now handles half of the world’s real-time digital transactions, made possible by 24×7 banking services.
PM Modi also underscored the impact of fintech on women’s empowerment, highlighting that 290 million women now have bank accounts, providing them with new opportunities for transactions and investments. He mentioned that 70% of the ₹27 trillion deposited in these accounts under various schemes benefits women, and that 100 million women associated with self-help groups in rural areas are reaping the advantages of digital banking.
Addressing concerns about the parallel economy, Modi stated that the fintech revolution has helped mitigate this issue, with cyber frauds now being detected within minutes thanks to fintech advancements. He also urged regulators to focus on improving digital literacy and combating cyber fraud.
Regarding artificial intelligence, Modi mentioned India’s proposal for a global framework for its ethical use and noted that their proposal for a global digital public infrastructure depository received widespread appreciation at the G20 summit.
Modi concluded by praising the youth driving the fintech sector and assured that the best is yet to come, with India’s fintech ecosystem poised to enhance global ease of living.
