India's Fintech Revolution: Modi Highlights Global Impact at Mumbai Event

Mumbai, August 30, 2024** — Prime Minister Narendra Modi, speaking at the Global FinTech Fest in Mumbai, declared that India’s fintech revolution is not only enhancing the quality of life domestically but is poised to bring global ease of living in the future. The event, held at the Jio World Convention Centre in BKC Mumbai, was a joint effort by the Payments Council of India, the National Payments Corporation of India, and the Fintech Convergence Council.

A Milestone in Digital Transformation

In his address, Modi emphasized the extraordinary scale and speed of fintech adoption in India. "The fintech revolution in India is not only known for its innovations but also for its unprecedented adoption," he said. He pointed out that this rapid integration has been crucial in bridging the gap between rural and urban areas. Modi remarked on the transformative progress, noting the significant increase in broadband connections from 60 million to 940 million over the past decade. He also highlighted the near-universal adoption of digital Aadhar identities among adults.

Impact on Financial Inclusion and Women Empowerment

The Prime Minister highlighted the impact of this revolution on financial inclusion. "The number of Jan Dhan accounts has reached 530 million, equivalent to the entire population of the European Union," Modi stated. He explained how the combination of Jan Dhan accounts, mobile phones, and Aadhar has driven this transformation. Modi also underscored the fintech revolution's role in women’s empowerment, noting that 290 million women now have bank accounts, which has increased their opportunities for transactions and investments. He revealed that 70% of the ₹27 trillion deposited in these accounts under various schemes belong to women and praised the benefits it has brought to 10 crore women in rural self-help groups.

Combating Challenges and Future Prospects

Addressing concerns about cyber fraud, Modi assured that the fintech revolution has significantly improved detection and response times. He also urged regulators to focus on digital literacy and fraud prevention. Modi discussed the proposal for a global framework for the ethical use of artificial intelligence and a global digital public infrastructure depository, which received positive feedback at the recent G20 summit.

Looking Ahead

In conclusion, Modi praised the youth driving innovation in the fintech sector, asserting that the best is yet to come. He expressed confidence that India’s fintech ecosystem will play a crucial role in ensuring global ease of living.