India’s fintech revolution driving global ease of living, says Modi in Mumbai

Mumbai: Prime Minister Narendra Modi, addressing the Global FinTech Fest in Mumbai on Friday, declared that India’s fintech revolution has enhanced the quality and dignity of life, and will bring ease of living to the entire globe in the future.
Modi emphasised the unique nature of India’s fintech revolution, noting, “The fintech revolution of India is not only known for its innovations but also for its adoption. There is no other country which has adopted it at the speed and scale the Indian people have shown.” He highlighted how this revolution has helped bridge the gap between rural and urban India.
Speaking at a special session of the three-day event at Jio World Convention Centre in BKC Mumbai, jointly organised by the Payments Council of India, the National Payments Corporation of India, and the Fintech Convergence Council, Modi took a swipe at the opposition. He remarked that ‘scholars in parliament’ would have questioned the feasibility of fintech given the lack of banking networks, internet, and electricity in rural areas a decade ago.
“Now after ten years of its launch, the number of broadband connections has increased to 940 million from 60 million. There is hardly anyone above 18 years left who does not have his digital identity Aadhar. The number of Jan Dhan accounts have touched 530 million, which are equal to the population of the entire European Union. The trinity of Jan Dhan accounts, mobile phones and Aadhar has driven the new transformation,” Modi stated.
The Prime Minister noted that India, once known for its cultural diversity, is now recognised for its fintech diversity. He pointed out that the country’s fintech base has reached ₹31 billion, with the number of fintech start-ups increasing by 5,005%. “Cheaper mobiles and their cheaper data, zero balance Jan Dhan bank accounts have played magic. Half of the real-time digital transactions in the world are done in India, and it has been possible because of the 24×7 banking services,” he added.
Modi also highlighted the role of the fintech revolution in women’s empowerment. “The Jan Dhan Bank accounts have helped increase banking transactions. 290 million women have their bank accounts, giving them new opportunities for transactions and investment. 70% of the beneficiaries of ₹27 trillion deposited in these accounts under various schemes are women. The system has helped 10 crore women attached with self-help groups in rural areas to reap the benefit of digital banking,” he said.
Addressing concerns about the parallel economy, Modi asserted that the fintech revolution has helped to plug this issue. He mentioned that cyber frauds are now detected within minutes, thanks to fintech. The Prime Minister also appealed to regulators to take steps in digital literacy and combating cyber fraud.
“To combat the concern of the misuse of artificial intelligence, we have proposed a global framework for the ethical use of artificial intelligence. Our proposal for a global digital public infrastructure depository was widely appreciated in the G20 global summit,” Modi stated.
Praising the strength of youth active in the fintech sector, the Prime Minister concluded: “The best is yet to come. India’s fintech ecosystem will ensure global ease of living.”