PM Modi At Global Fintech Fest 2024: Highlights India’s Adoption Of Fintech

Prime Minister Narendra Modi highlighted India’s rapid adoption of fintech on Friday, describing it as unmatched globally in both speed and scale.

Speaking at the Global Fintech Fest 2024, he emphasized his government’s efforts to foster the fintech sector, which has attracted over $31 billion in investments over the past decade and witnessed a 500 percent increase in startups.

“Fintech has significantly contributed to the democratization of financial services,” Modi noted. He remarked on how the Global Fintech Festival in Mumbai is a testament to the country’s progress, pointing out that while India’s cultural richness once surprised people, now its fintech diversity is equally impressive. From the airport to local street food and shopping, India’s fintech presence is pervasive.

The Prime Minister also underscored the social impact of fintech in India, highlighting how it bridges the financial services gap between rural and urban areas.

Modi revealed that over ₹27 lakh crore in loans have been disbursed through the Pradhan Mantri MUDRA Yojana, the world’s largest microfinance scheme. He credited the growth to affordable mobile data and zero-balance Jan Dhan accounts.

“Today, more than 53 crore people have Jan Dhan accounts, connecting a population equal to that of Europe to the banking system in the last decade. Jan Dhan, Aadhar, and Mobile have transformed digital transactions. India now accounts for half of the world’s digital payments. UPI has set a global benchmark for fintech, offering 24×7 banking services across both rural and urban areas, regardless of weather,” he said.

Marking a decade of the Jan Dhan Yojana, Modi noted its role in empowering women, with over 70 percent of its beneficiaries being women.

In a subtle critique of the opposition, Modi pointed out the fintech growth achieved under his leadership over the past decade. He noted that digital identity penetration has reached nearly universal coverage among adults in India.

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“Critics once questioned the feasibility of fintech in India due to limited bank branches, internet connectivity, and electricity. They doubted the impact of the fintech revolution, questioning my vision. However, in the last ten years, broadband users in India have surged from 6 crore to 94 crore,” he concluded.