India’s Fintech sector revolution is improving financial inclusion as well as driving innovation: PM Modi

Prime Minister Narendra Modi on August 30 said that India’s Fintech sector revolution is improving financial inclusion as well as driving innovation. Addressing the Global Fintech Fest 2024 at Mumbai’s Jio World Convention Centre, the PM said that the country’s Fintech revolution is making financial services democratic and has made access to credit easy. 

“There was a time when people would come to India and be shocked looking at the cultural diversity, but now they are shocked looking at our FinTech diversity as well,” said Modi. 

PM Modi highlighted UPI as a great example of India’s FinTech success. 

“In the whole world, India’s UPI has become a great example of Fintech. Today, whether it is a village or a city, whether it is cold or hot, whether it is raining or snowing, In India, banking service continues for 24 hours, 7 days and 12 months,” the PM said. 

“...People in Parliament used to ask that there are not enough branches in the country, banks are not available in the villages, internet services are not available...How will there be a Fintech revolution?... Within a decade broadband users increased from 60 million to 940 million...” he added. 

He also mentioned that internet services are now available even in remote areas and that within a decade, broadband users have increased from 60 million to 940 million. 

In the last 10 years, FinTech industry has seen investments worth more than Rs 31,000 crore and 500 percent increment, the Prime Minister added. Modi also hailed Indian FinTech sector for products like ONDC. “Local hain par application global hain.” 

The Prime Minister also highlighted that 70 percent beneficiaries of MUDRA schemes are women. 

“Loans worth over Rs 27 lakh crore disbursed under Pradhan Mantri MUDRA Yojana, world’s largest microfinance scheme,” said the PM Narendra Modi speaking at the GFF. 

Later, he also called out to address cyber fraud and said that there is a need to take steps to curb cyber fraud and increase digital literacy. 

“We need to take significant steps to prevent cyber fraud and enhance digital literacy. In the past, when there were rumours that a bank might fail, it would take five to seven days for the impact to spread. Today, if a cyber fraud is discovered within a system, within a minute the entire matter is exposed, which can ruin a company,” he said.