Prime Minister Narendra Modi Highlights India’s Fintech Revolution at Global Fintech Fest 2024

Mumbai: Prime Minister Narendra Modi addressed the Global Fintech Fest (GFF) 2024 at the Jio World Convention Centre in Mumbai today, emphasizing India’s strides in the fintech sector. Organized by the Payments Council of India, the National Payments Corporation of India, and the Fintech Convergence Council, GFF 2024 aims to showcase the country’s fintech innovations and bring together key industry stakeholders.

In his speech, Prime Minister Modi remarked on the celebratory mood of the nation’s economy, coinciding with the festive season, and noted the significance of Mumbai, the “city of dreams,” as the event’s host. He extended a warm welcome to the dignitaries and guests present and shared his experiences from the exhibition, which showcased a world of innovations by the youth.

Highlighting India’s fintech achievements, Modi pointed out that foreign visitors are now equally impressed by the country’s fintech diversity as they are by its cultural heritage. He noted that in the past decade, the fintech industry has attracted over $31 billion in investment, coupled with a 500% growth in startups. The Prime Minister attributed this success to the widespread availability of affordable mobile phones, low-cost data, and the Jan Dhan Yojana, which has brought millions into the banking system.

Modi highlighted the transformative impact of the “Jan Dhan-Aadhaar-Mobile” trinity, which has shifted the financial landscape from a “Cash is King” mentality to one where India accounts for nearly half of the world’s digital transactions. He emphasized the success of the Unified Payments Interface (UPI) in providing round-the-clock banking services across the country, even during the COVID-19 pandemic when other nations’ banking systems faced disruptions.

Celebrating the 10th anniversary of the Jan Dhan Yojana, the Prime Minister noted its significant role in women’s financial empowerment, with over 29 crore bank accounts opened for women. He also highlighted the Mudra Yojana, which has disbursed Rs 27 trillion in microfinance, benefiting a majority of women. These initiatives, Modi stated, have laid the foundation for the financial empowerment of women, particularly in rural areas.

The Prime Minister also discussed the broader impact of fintech on closing the gap between urban and rural India. He cited the accessibility of banking services via mobile phones, the democratization of financial services, and the ease of access to loans, credit, and investments as key contributors to this change. Modi specifically mentioned the PM SVANidhi scheme, which has enabled street vendors to access collateral-free loans, further expanding their businesses through digital transactions.

Addressing the dangers of a parallel economy, Modi credited fintech with enhancing transparency in India, particularly through the implementation of Direct Benefit Transfers that have curbed leakages in government schemes. He also lauded the rise of Digital India, which has made remote healthcare, education, and skill learning accessible, thus improving the quality of life for millions.

The Prime Minister praised India’s adoption of fintech innovations and urged the sector to study and expand initiatives like the Bank Sakhi program, which empowers women to spread banking and digital awareness in rural areas. He also highlighted the government’s efforts to support fintech through policy changes, such as eliminating the Angel Tax, allocating significant funds for research and innovation, and enacting the Digital Personal Data Protection Act.

Modi called for global cooperation in developing a framework for artificial intelligence (AI) and emphasized the need for increased digital literacy to prevent cyber fraud, which could hinder the growth of fintech in India. He reiterated the government’s commitment to sustainable economic growth, driven by robust, transparent, and efficient financial systems.

Concluding his address, Prime Minister Modi expressed confidence in India’s fintech ecosystem, stating that its best days are yet to come. He also hinted at his presence at the 10th edition of the GFF in five years, and in a light-hearted moment, invited attendees to take a selfie with him, offering a unique AI-powered feature on the NaMo app to share the photograph with those present.

The Global Fintech Fest 2024 features over 800 speakers from around the world, including policymakers, regulators, senior bankers, industry leaders, and academicians, addressing more than 350 sessions. The event will also see the launch of over 20 thought leadership reports and white papers, offering deep insights into the fintech landscape.