 "Modi Unveils Fintech Revolution: Empowering Millions and Transforming Lives in India")
Prime Minister Narendra Modi highlighted the transformative impact of fintech on India during the Global FinTech Fest 2024 in Mumbai. He noted that fintech has made financial services more accessible, allowing individuals in both urban and rural areas to easily secure loans and investments. With over $31 billion in investments and significant growth in digital adoption, fintech is revolutionizing the banking landscape. Modi emphasized the importance of the Jan Dhan, Aadhaar, and mobile trinity, which has enabled seamless digital transactions and enhanced financial inclusion. He pointed out that the Mudra scheme has particularly empowered women, facilitating the opening of millions of bank accounts, and ensuring uninterrupted banking services even during challenging times.
Prime Minister Narendra Modi highlighted the transformative power of fintech in India during his address at the Global FinTech Fest 2024 held in Mumbai on August 30. He emphasized that fintech has revolutionized financial services in the country, making loans, credit cards, investments, and insurance more accessible to the masses.
Modi referred to the rise of the “fintech revolution,” noting that it has significantly improved the dignity and quality of life for many Indians. With the support of innovative companies, access to credit has become easier and more inclusive. The Prime Minister pointed out that previously, investing in equity markets was limited to urban areas, but fintech now empowers individuals in rural regions.
He praised the remarkable speed at which the Indian population has embraced fintech, crediting Digital Public Infrastructure and fintech companies for their success. Modi discussed how innovations like integrating QR codes with sound boxes have fostered trust in digital transactions, and he noted the substantial growth in the sector, which has attracted over $31 billion in investment in just a decade.
Modi also touched on the impact of inexpensive mobile phones and accessible data in expanding financial inclusion. He proudly stated that over 530 million people have Jan Dhan bank accounts, showcasing a successful integration of banking services akin to the population of the European Union.
He further highlighted the significance of the partnership between Jan Dhan, Aadhaar, and mobile technology, which has made India a leader in processing real-time digital transactions. The Jan Dhan scheme has not only facilitated financial inclusion but also empowered women, with 290 million accounts opened in their names.
Concluding his address, Modi expressed gratitude for the resilience of the Indian banking system, which continued to operate seamlessly even during the challenges posed by the COVID-19 pandemic.
This insight into the fintech sector reveals its critical role in shaping a more inclusive financial landscape in India.
Tags: FinTech, Narendra Modi, Financial Inclusion, Digital Public Infrastructure, Global FinTech Fest 2024, Jan Dhan, Women Empowerment
What does PM Modi mean by fintech democratizing financial services?
PM Modi means that financial technology makes financial services available to everyone, not just a few wealthy people. It helps more people access banking and investment options easily.
How has fintech changed access to financial services in India?
Fintech has introduced online banking, mobile wallets, and apps that allow more people to manage their money without going to a bank. This makes it easy for everyone to access financial tools.
Why is PM Modi’s statement about fintech’s success important?
It shows that the government believes fintech can help boost the economy by involving more people in financial activities. This can lead to growth and better living standards.
What benefits has fintech brought to ordinary people?
Fintech has made transactions faster, cheaper, and more convenient. People can send money, pay bills, and invest without needing to visit banks or fill out lots of forms.
Is fintech only about technology?
No, while technology is a big part of fintech, it’s also about improving how financial services work for everyone. The goal is to make finance easier and more accessible for all people.
