Prime Minister Narendra Modi delivered a compelling address at the Global Fintech Festival in Mumbai, underscoring the transformative impact of the fintech revolution on India's financial landscape. Modi emphasized how fintech has democratized access to financial services, making essential tools like loans, credit cards, investments, and insurance more accessible to the broader population.

Democratization of Financial Services:

In his speech, Modi praised the fintech sector for significantly improving the dignity and quality of life for millions of Indians. He highlighted the sector's unmatched adoption rate, which has driven financial inclusion across diverse demographics, including those in rural areas. The introduction of Digital Public Infrastructure (DPI) has played a crucial role in this transformation, facilitating the widespread adoption of fintech innovations.

Investment and Growth:

The fintech sector in India has experienced remarkable growth, with over US$ 31 billion in investments over the past decade, marking a 500% increase in the sector's size. Modi attributed this success to advancements such as affordable mobile phones, low-cost data, and zero-balance Jan Dhan accounts, which have collectively driven financial inclusion. The expansion of broadband users from 60 million to 940 million is a testament to the increased accessibility and reach of digital financial services.

Technological Advancements:

Modi also discussed the future of fintech, including the role of technologies like ‘Digital Twins’ in enhancing data-based banking. These advancements are expected to improve risk management and customer experience, further elevating the sector's impact on the financial ecosystem.

Key Financial Programs:

Jan Dhan Program: Celebrating its 10th anniversary, the Jan Dhan program has been instrumental in opening over 530 million bank accounts, integrating banking services for a population equivalent to the European Union. Modi highlighted the program's success in empowering women, with 290 million accounts opened.

Mudra Scheme: The scheme has disbursed over US$ 322.12 billion (Rs. 27 trillion) in credit, benefiting more than 70% of women entrepreneurs. Modi emphasized the scheme's role in promoting financial independence and economic growth.

Pandemic Resilience:

Modi concluded by commending India's uninterrupted banking services during the Covid-19 pandemic, showcasing the robustness and resilience of the financial infrastructure amidst global challenges.

The Prime Minister’s address at the Global Fintech Festival reflects the significant strides India has made in fintech, driven by innovative policies, technological advancements, and a commitment to inclusivity. The achievements highlighted demonstrate a remarkable journey towards a more inclusive and technologically advanced financial system.

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