“Was asked about fintech revolution 10 years ago, they were asking a chaiwala”: PM Modi at Global Fintech Fest

India’s FinTech revolution is improving financial inclusion as well as driving innovation, Prime Minister Narendra Modi said Friday adding that over the last 10 years, the country’s fintech industry has recieved investments more than USD 31 billion and startups in the industry has recorded growth over 500 per cent.

Addressing the Global Fintech Fest at the Jio World Convention Centre in Mumbai, PM Modi higlighted the growth of the country’s fintech industry, PM Modi said there used to be a time when the world would be surprised at India’s cultural diversity but now “they are astonished by our fintech diversity.”

“In this festive mode, Global Fintech Festival is being conducted that too in the dream city of Mumbai. We can see a new world for our youths. We have lots of guests from foreign countries too. There was a time when people were surprised to see our culture, now they are equally amazed to witness the fintech diversity of India. From landing at the airport to street food and shopping experiences, India’s fintech industry is visible everywhere.”

PM Modi said that over the past 10 years, there was an investment of more than 31 billion dollars in the fintech space, and the fintech startup industry has grown more than 500 per cent. He attributed the growth to cheaper mobile or cheaper data and zero balance Jan Dhan accounts.

Hailing India’s technological revolution, PM Modi said that there is hardly any Indian with 18 years above who does not have any digital identity.

Taking a dig at the opposition and said, “If you may remember, earlier people who thought themselves intelligent asked in Parliament why Indians don’t have that many bank branches, inadequate internet connectivity, inadequate electricity, and how the fintech revolution will take place. They have asked me, a chaiwala PM. But see what has happened today, in the last 10 years, the users of broadband in India have increased from 6 crore to 94 crore. Today, there’s hardly any Indian above the age of 18 years who doesnt use broadband who does not have any digital identity.”

As Jan Dhan Yojana recently completed 10 years, PM Modi said that the scheme has become a medium of women empowerment as more than 70 per cent of beneficiaries of this account are women.

He further stated that through Jan Dhan Yojana, the government was able to launch India’s Microfinance’s biggest scheme Mudra Yojana which helped citizens of the country, especially women as it credited around Rs 27 trillion in beneficiaries’ accounts.

“Today, more than 53 crore people have Jan Dhan accounts, which means in the last 10 years we have connected people equal to the European population with the banking system. Jan Dhan, Aadhar, and Mobile have revolutionised one more than that is digital transactions. today, world’s half of the digital payment takes place in India. UPI has become a big example for Fintech. Whether it is rural area or urban, summer or winter or raining, the banking services in India work 24*7 with UPI services.”

“During the Covid-19 pandemic, India was one of the countries where the banking system was working without any irregularities for the whole time. Recently, Jan Dhan Yojana completed 10 years. It has become a medium of women empowerment, as more than 29 crore women have accounts in it. In these accounts, we created events for women’s savings and investments. On the basis of these accounts, we launched Mircofinance’s biggest scheme, that is Mudra Yojana, through which around Rs 27 trillion is credited and 70 per cent of beneficiaries are women. Jan Dhan has also boosted Self-help groups which is benefitting 10 crore rural women, which means it’s a medium for women’s empowerment,” PM Modi said.

GFF is jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council.

Around 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and various other countries will address more than 350 sessions at the conference.

GFF showcased the latest innovations in the fintech landscape. Over 20 thought leadership reports and white papers were also launched at GFF 2024, offering insights, and in-depth industry information.