PM Modi Hails Fintech Revolution: Unmatched Success in Democratising Financial Services – A Transformative Leap for India
Mumbai: Fintech Revolution in India Praised by PM Modi at Global FinTech Fest 2024
Published: Aug 30, 2024 | 2:05 PM IST | Last Updated : Aug 30, 2024 | 2:28 PM IST
Prime Minister Narendra Modi lauded the transformative impact of the fintech sector at the Global FinTech Fest 2024 in Mumbai on Friday. Emphasizing the sector’s significant role in democratizing financial services across India, Modi highlighted that digital innovations have made loans, credit cards, investments, and insurance more accessible.
"The fintech revolution has not only enhanced the dignity and quality of life for Indians but has also made credit access easier and more inclusive," Modi remarked. He noted the sector’s rapid adoption, with financial technologies reaching previously underserved rural areas, reducing the time to open demat accounts, and expanding investment opportunities.
Highlighting the country’s robust Digital Public Infrastructure (DPI), Modi credited fintech companies for their innovations, such as integrating QR codes with sound boxes, which have fostered trust among users. Over the past decade, the fintech sector has seen more than $31 billion in investments and a growth rate surpassing 500%, driven by affordable mobile phones, cheap data, and zero-balance Jan Dhan accounts. Broadband user numbers have surged from 60 million to 940 million.
Modi also spotlighted advanced technologies like ‘Digital Twins,’ which are set to enhance banking by improving risk management, fraud detection, and customer experience. With over 530 million Jan Dhan accounts, India’s financial inclusion efforts have been remarkable, integrating a population comparable to the European Union into the banking system.
The trinity of Jan Dhan, Aadhaar, and mobile connectivity has positioned India to handle nearly all of the world’s real-time digital transactions. Jan Dhan has notably empowered women, allowing 290 million to open bank accounts. Through the Mudra scheme, which originated from the Jan Dhan philosophy, Rs 27 trillion in credit has been disbursed, with over 70% of beneficiaries being women.
Modi concluded by noting that Indian banking operates round-the-clock, even maintaining uninterrupted services during the Covid-19 pandemic. The success of these initiatives underscores the transformative impact of fintech on India’s financial landscape.
Original Story https://www.business-standard.com/india-news/fintech-in-india-has-played-major-role-in-democratising-financial-svces-pm-124083000536_1.html
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