Fintech has democratised financial services, success unmatched: Prime Minister Mr. Narendra Modi

Prime Minister Mr. Narendra Modi highlighted that fintech has greatly democratized financial services in India, making loans, credit cards, investments, and insurance more accessible. At the Global Fintech Festival in Mumbai, he praised the "fintech revolution" for improving the dignity and quality of life for Indians, noting its unmatched adoption rate. He pointed out that fintech has expanded credit access and investment opportunities to rural areas, significantly reducing the time required to open demat accounts. He emphasized that the achievements of fintech go beyond innovation to widespread adoption, with India embracing fintech at an unprecedented scale, aided by Digital Public Infrastructure (DPI) and fintech companies.

He also noted that the fintech sector has attracted over US$ 31 billion in investments over the past decade and grown by 500%. Advances such as affordable mobile phones, low-cost data, and zero-balance Jan Dhan accounts have driven financial inclusion, with broadband users increasing from 60 million to 940 million. Technologies like ‘Digital Twins’ are set to enhance data-based banking by improving risk management and customer experience. The Jan Dhan program, celebrating its 10th anniversary, has opened over 530 million bank accounts and integrated banking with a population equivalent to the European Union. He praised Jan Dhan for empowering women, with 290 million accounts opened. He highlighted the Mudra scheme’s disbursement of over US$ 322.12 billion (Rs. 27 trillion) in credit, benefiting over 70% of women. He concluded by commending India’s uninterrupted banking services during the Covid-19 pandemic.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.