 "Modi, Narendra Modi, FinTech Fest")
Mumbai: Prime Minister Narendra Modi addresses a gathering during the Global FinTech Fest 2024, in Mumbai, Friday, Aug 30, 2024. (Photo: PTI)
The fintech sector in India has played a major role in democratising financial services in the country, making loans, credit cards, investments, and insurance accessible to all, said Prime Minister Narendra Modi on Friday at the Global Fintech Festival.
The Prime Minister also highlighted that the fintech revolution in India has significantly enhanced the dignity and quality of life for Indians. He emphasised that Indian fintech companies have made access to credit easier and more inclusive.
Because of these new-age players, investing in equity markets and mutual funds, which was earlier limited to big cities, is now being explored widely in rural areas as investment avenues, the Prime Minister said, adding that the time taken to open demat accounts has now reduced significantly.
PM Modi also pointed out that the fintech revolution’s achievement is not limited to innovation but also extends to adoption. “The scale and speed at which India’s population has adopted fintech is unmatched,” he said, adding that the Digital Public Infrastructure (DPI) and fintech companies deserve a lot of credit for this.
“Fintechs have made amazing innovations to create trust among the population for the DPIs. Integrating QR codes with sound boxes is one such innovation. The journey from currency to QR codes took ages, but now we see new innovation every day,” PM Modi said.
According to the Prime Minister, in the last 10 years, the fintech sector has seen over $31 billion in investment. Additionally, during this period, the fintech sector has grown by over 500 per cent. Inexpensive mobile phones, cheap data, and zero-balance Jan Dhan accounts have done wonders in the country. In India, broadband users have grown from 60 million to 940 million, he added.
Moreover, he emphasised that technologies such as ‘Digital Twins’ will take data-based banking to the next level. Because of this, risk management, fraud detection, and customer experience will be transformed.
Speaking on the Jan Dhan mission, which completed ten years this year, the Prime Minister said, “Today, over 530 million people have Jan Dhan bank accounts. Over the past ten years, we have successfully integrated the banking system with a population equivalent to that of the European Union.”
The trinity of Jan Dhan, Aadhaar, and mobile has resulted in India processing almost all of the world’s real-time digital transactions, PM Modi said, adding that Jan Dhan has become one of the largest platforms for women’s empowerment, having facilitated the opening of 290 million bank accounts for women.
“Based on the philosophy of Jan Dhan accounts, we launched the Mudra scheme. Through this scheme, over Rs 27 trillion in credit has been disbursed, and over 70 per cent of the scheme’s beneficiaries are women,” PM Modi said.
“The Jan Dhan programme has managed to be a successful foundation for women’s empowerment,” he added.
He also highlighted that India’s banking service has become 24/7 throughout the year. Even during the Covid-19 pandemic, India was among the countries where banking services remained uninterrupted.
First Published: Aug 30 2024 | 2:05 PM IST
