Lagatar24 Desk
Mumbai: Prime Minister Narendra Modi, while addressing the Global Fintech Fest 2024 in Mumbai, emphasized India’s rapid adoption of financial technology, which he described as unparalleled in scale and speed globally. He highlighted that India’s fintech sector has attracted over $31 billion in investments over the last decade, with startups experiencing a remarkable 500% growth.
“India is embracing fintech with a momentum and magnitude that is unmatched worldwide,” PM Modi stated, underlining his government’s commitment to fostering the fintech ecosystem through strategic policy measures.
The prime minister also highlighted the transformative impact of fintech on India’s financial landscape, crediting the sector for democratizing access to financial services. “Fintech has played a crucial role in bridging the financial divide between rural and urban areas,” he said, adding that the sector’s presence is now visible across all aspects of daily life, from airport transactions to street food purchases.
Celebrating the success of the Pradhan Mantri MUDRA Yojana, PM Modi revealed that loans amounting to over ₹27 lakh crore have been disbursed under this microfinance initiative, the largest of its kind globally. He attributed this success to the widespread availability of affordable mobile data and the integration of zero balance Jan Dhan accounts into the financial system.
“Today, more than 53 crore people have Jan Dhan accounts, which means that in the last 10 years, we have connected a population equivalent to that of Europe to the banking system,” PM Modi noted. He also highlighted the role of Jan Dhan, Aadhaar, and mobile technology in revolutionizing digital transactions in India. “Half of the world’s digital payments now take place in India, with UPI becoming a shining example of our fintech prowess,” he added.
Marking a decade of the Jan Dhan Yojana, the prime minister pointed out that the scheme has significantly empowered women, with over 70% of its beneficiaries being female.
In a subtle critique of past skepticism, PM Modi reflected on the doubts cast by opposition figures a decade ago regarding India’s fintech potential. “There were those who questioned how India could lead a fintech revolution given our perceived shortcomings in banking infrastructure, internet connectivity, and electricity. They even questioned a chaiwala PM,” he said. “But look at what we have achieved—broadband users have soared from 6 crore to 94 crore in just 10 years.”
