Prime Minister Narendra Modi on Friday said India is adopting fintech with "unmatched speed and scale" which is unparalleled in the world.
Speaking at the Global Fintech Fest 2024, he said his government was taking measures at the policy level to promote the fintech sector, which attracted over $31 billion in investments in the last 10 years and has seen startups grow by 500 percent.
"Fintech has played a significant role in democratising financial services. In this festive mode, Global Fintech Festival is being conducted in the dream city of Mumbai. There was a time when people were surprised to see our culture, now they are equally amazed to witness the fintech diversity of India. From landing at the airport to street food and shopping experiences, India's fintech industry is visible everywhere," he said.
Over the past decade, the fintech sector in India has witnessed a significant rise, with investments exceeding $31 billion.
Indian fintech startups have experienced a remarkable 500% growth during this period.
– PM @narendramodi
Watch the full video: https://t.co/bEZxBerqP4pic.twitter.com/kCqblSkEwC— BJP (@BJP4India) August 30, 2024
The prime minister emphasised the social impact of the transformation brought about by the fintech sector in India. Fintech is bridging the gap between villages and cities on the financial services, he said.
PM Modi said loans worth over Rs 27 lakh crore have been disbursed under the Pradhan Mantri MUDRA Yojana, world's largest microfinance scheme, attributing the growth to cheaper mobile data and zero balance Jan Dhan accounts.
"Today, more than 53 crore people have Jan Dhan accounts, which means in the last 10 years we have connected people equal to the European population with the banking system. Jan Dhan, Aadhar, and Mobile have revolutionised digital transactions. Today, half of the world's half digital payments take place in India. UPI has become a big example for Fintech. Whether it is a rural area or urban, rain or shine, the banking services in India work 24×7 through UPI," he said.
जन धन, आधार और मोबाइल की ट्रिनिटी ने एक और transformation को गति दी है।
कभी लोग कहते थे कि ‘Cash is King’. आज दुनिया का करीब-करीब आधा real time digital transaction भारत में होता है ।
पूरी दुनिया में भारत का UPI, फिनटेक का बहुत बड़ा उदाहरण बन गया है।
– पीएम श्री @narendramodi… pic.twitter.com/sH2XUlDbAS— BJP (@BJP4India) August 30, 2024
The prime minister marked 10 years of the Jan Dhan Yojana, stating that the scheme has become a medium of women empowerment as more than 70 per cent of beneficiaries are women.
In a veiled dig at the opposition, PM Modi spoke of fintech growth under his leadership in the last 10 year, adding that hardly any Indian aged 18 years or above is without a digital identity today.
"Earlier people who thought themselves intelligent asked in Parliament why Indians don't have that many bank branches, inadequate internet connectivity, inadequate electricity, and how the fintech revolution will take place. They have asked me, a chaiwala PM. But see what has happened today, in the last 10 years, the users of broadband in India have increased from 6 crore to 94 crore," he said.
