'Fintech Has Made Access To Credit Easy, Jan Dhan Yojana Empowered Women': PM Modi At GFF 2024

Prime Minister Narendra Modi on Friday said that India’s Fintech sector has played an important role in making financial services democratic and has made access to credit easy.

While addressing the Global Fintech Fest 2024 at Mumbai’s Jio World Convention Centre, the Prime Minister said that the country’s Fintech revolution is improving financial inclusion, as well as driving innovation.

“Fintech has played a significant role in making financial services democratic. Products such as loans, credit cards, investments, and insurance are becoming easily accessible to everyone. Fintech has also made access to credit easier and more inclusive,” he said.

The Prime Minister added that even during the Covid-19 pandemic, the banking services in India remained unaffected.

He further said that in the past 10 years, more than USD 31 billion have been invested in the Fintech space and that the Fintech startups have grown by 500 per cent.

Lauding the cultural diversity and Fintech diversity in India, the PM said, “The innovation of our youth and the possibilities of the future. A whole new world can be seen there, let me change the word for your work. A whole new world can be seen there… I would like to congratulate all the organisers of this festival, a large number of our guests have come from abroad.”

“There was a time when people used to come to India. They used to be surprised to see our cultural diversity, Now people come to India and they are surprised to see our Fintech diversity,” he added.

PM praises UPI:

Speaking at the event, PM Modi said that UPI is 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 Prime Minister said.

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.

“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 have increased from 60 million to 940 million,” the PM said.

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.”

“For fintech, cyber solutions are essential, but the lifespan of a cyber solution is very short. Sustainable economic growth is the priority in India. We are building strong, transparent, and efficient systems,” the Prime Minister said.

Global Fintech Fest in Mumbai

The GFF is being jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council.

It will also showcase the latest innovations in the Fintech landscape. Over 20 thought leadership reports and white papers will be launched at GFF 2024, offering insights and in-depth industry information.