Bengaluru: Prime Minister Narendra Modi on Friday lauded the fintech industry for playing a significant role in democratising financial services and bridging the gap between urban and rural India. Speaking at the Global Fintech Fest (GFF) in Mumbai, he asked regulators to take more measures to stop cyber fraud.
He added that the government is taking various measures at the policy level to promote the fintech sector, such as the abolition of Angel Tax, allocating Rs 1 lakh crore to encourage research and innovation in the country and implementing the Digital Personal Data Protection Act. He also urged regulators to initiate steps to boost digital literacy.
“In the last 10 years, the industry has received a record investment of more than $31 billion along with witnessing a startup growth of 500%,” he underlined. He added that the microfinance scheme Pradhan Mantri MUDRA Yojana has disbursed a credit of Rs 27 trillion so far.
He mentioned that the government is creating systems to strengthen financial markets with advanced technologies and regulatory frameworks. “India has called for a global framework for AI”, he added.
Modi emphasised that India's fintech revolution is playing a pivotal role in improving Indians’ quality of life. He said that services such as remote healthcare services, digital education and skill learning would not be possible without fintech. “I am confident that India's fintech ecosystem will enhance the ease of living of the entire world. Our best is yet to come”, he added.
Modi said that the trinity of Jan Dhan, Aadhaar and mobile have broken down the mentality of ‘cash is king’ and made way for approximately half of the digital transactions in the world taking place in India. “India’s UPI has become a major example of fintech in the world,” he proclaimed.
He said that more than 530 million people in the country have Jhan Dhan accounts. “Today, the total number of broadband users in the country has increased from 60 million to 940 million,” he added.
Modi observed that the economy and the markets of the nation are in a celebratory mood at a time when the nation is also going through a festive period.
He also declared that he would be present in the tenth edition of GFF, five years later.
GFF is jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council.