India's FinTech revolution is improving financial inclusion and driving innovation: PM Modi

The Prime Minister praised Bharat’s fintech revolution, emphasizing that India's technological advancements have transformed not only its economy but also its social fabric.

Prime Minister Shri Narendra Modi addressed the Global Fintech Fest (GFF) 2024 today at the Jio World Convention Centre in Mumbai, Maharashtra. The event, jointly organized by the Payments Council of India, the National Payments Corporation of India, and the Fintech Convergence Council, brought together key stakeholders to celebrate India's achievements in the fintech sector.

In his address, Prime Minister Modi highlighted the celebratory atmosphere in the nation, noting that the organization of GFF in Mumbai, the "city of dreams," aligns with India's festive mood. He welcomed the dignitaries and guests and shared his enthusiasm for the innovative fintech solutions showcased at the event.

The Prime Minister praised Bharat's fintech revolution, emphasizing that India's technological advancements have transformed not only its economy but also its social fabric. He noted that over the past decade, the fintech industry has attracted more than $31 billion in investments and witnessed a 500% growth in startups. This revolution, he said, has been fueled by affordable mobile phones, inexpensive data, and the widespread adoption of Jan Dhan Bank accounts, which have connected millions of Indians to the banking system.

Modi pointed out that India now boasts over 940 million broadband users and that nearly every 18-year-old in the country possesses an Aadhaar digital identification. He also highlighted the significant impact of the Jan Dhan-Aadhaar-Mobile (JAM) trinity in driving digital transactions, noting that India now accounts for nearly half of the world's digital transactions. India's Unified Payments Interface (UPI), he said, has become a global example of fintech innovation, enabling seamless 24/7 banking services across the country.

Reflecting on the 10th anniversary of the Jan Dhan Yojana, the Prime Minister highlighted its role in empowering women, with over 29 crore bank accounts opened for women to date. He also discussed the success of the Mudra Yojana, which has disbursed Rs 27 trillion in microfinance loans, with 70% of the beneficiaries being women. Modi credited these initiatives with laying the foundation for women's financial empowerment in India.

The Prime Minister emphasized the transformative impact of fintech on India, bridging the gap between urban and rural areas and democratizing access to financial services. He cited the success of schemes like PM SVANidhi, which provides collateral-free loans to street vendors, and the widespread adoption of digital banking and investment services.

Modi also discussed the broader implications of fintech, including its role in promoting transparency and combating parallel economies. He pointed to the success of Direct Benefit Transfer (DBT) schemes in reducing leakages and ensuring that benefits reach those who need them most.

Looking to the future, the Prime Minister highlighted emerging technologies such as Digital Only Banks, Neo-Banking, and Digital Twins, which are poised to revolutionize risk management, fraud detection, and customer experience. He also praised the Open Network for Digital Commerce (ONDC) for making online shopping more inclusive and connecting small businesses to larger opportunities.

Modi reiterated the government's commitment to supporting the fintech sector through policy reforms, including the removal of the Angel Tax, allocating Rs 1 lakh crore for research and innovation, and implementing the Digital Personal Data Protection Act. He stressed the importance of combating cyber fraud to ensure the continued growth of fintech and startups in India.

Concluding his address, Prime Minister Modi expressed confidence that India's fintech ecosystem would play a crucial role in enhancing the quality of life for people around the world. He also looked forward to attending the 10th edition of GFF in five years and shared a unique feature of the event—a selfie taken with the gathering, which attendees can access using AI on the NaMo app.

The event was also attended by prominent figures such as the Governor of the Reserve Bank of India, Shri Shaktikanta Das, and the Chairman of GFF, Shri Kris Gopalakrishnan, among others.