Prime Minister Narendra Modi on Friday praised India’s FinTech revolution for enhancing financial inclusion and driving innovation across the country.
Speaking at the Global Fintech Fest at the Jio World Convention Centre in Mumbai, he highlighted the remarkable growth of the fintech industry over the last decade, noting that the sector has attracted over USD 31 billion in investments and that fintech startups have grown by more than 500 percent.
Addressing the gathering, PM Modi said that just as the world is amazed by India’s cultural diversity, it is equally impressed by the country’s fintech diversity. “From landing at the airport to street food and shopping experiences, India’s fintech industry is visible everywhere,” he said.
PM Modi attributed the rapid expansion of the fintech sector to the widespread availability of affordable mobile devices, low-cost data, and the introduction of zero-balance Jan Dhan accounts. He underscored the significance of India’s technological advancements, saying that nearly every Indian above the age of 18 now possesses a digital identity.
Taking a swipe at the opposition for its past criticisms regarding the lack of banking facilities and internet connectivity across the country, PM Modi emphasized that the fintech revolution has not only improved digital connectivity but also greatly enhanced financial inclusion. “In the last 10 years, broadband users in India have surged from 6 crore to 94 crore. Today, there is hardly any Indian above 18 who doesn’t use broadband or have a digital identity,” he said.
Marking the 10-year anniversary of the government’s flagship policy, Jan Dhan Yojana, PM Modi highlighted its role in empowering women, with over 29 crore women opening accounts under the scheme. “Through these accounts, we created opportunities for women’s savings and investments,” he said. He also pointed out that more than 53 crore people have Jan Dhan accounts, a number comparable to the entire population of Europe.
PM Modi further emphasized the foundational role of Jan Dhan Yojana in launching India’s largest microfinance initiative, the Mudra Yojana, which has credited around Rs 27 trillion into beneficiaries’ accounts, with 70 percent of the recipients being women. “Jan Dhan has also boosted self-help groups, benefitting 10 crore rural women,” he added.
PM Modi also highlighted the strength of India’s banking system and the widespread adoption of digital payment methods, particularly UPI. “UPI has become a major example for FinTech. Whether in rural or urban areas, and regardless of whether it’s summer, winter or monsoon, banking services in India operate 24/7 with UPI,” he said.
“During the Covid-19 pandemic, India was one of the countries where the banking system functioned without any irregularities,” he added
The Global Fintech Fest, jointly organized by the Payments Council of India, the National Payments Corporation of India, and the Fintech Convergence Council, has drawn significant participation. Around 800 speakers, including policymakers, regulators, senior bankers, industry leaders, and academicians from India and other countries, will address more than 350 sessions at the conference.
(With ANI input)