Prime Minister Narendra Modi showcased India’s rapid fintech advancements on Friday, emphasizing the country’s unparalleled growth in the sector. Speaking at the Global Fintech Fest 2024 in Mumbai, Modi highlighted the government’s commitment to enhancing fintech, which has seen investments exceeding $31 billion over the past decade and a 500 percent increase in startups.
“India is embracing fintech at an unprecedented pace and scale,” Modi declared. He noted the significant role of fintech in making financial services more accessible, stating that the Global Fintech Festival reflects the diverse and vibrant fintech landscape of India.
Modi also underscored the positive social impact of fintech, bridging the gap between urban and rural areas in financial services. He revealed that over ₹27 lakh crore in loans have been distributed under the Pradhan Mantri MUDRA Yojana, the largest microfinance scheme globally. This success, he attributed to factors such as affordable mobile data and the proliferation of zero-balance Jan Dhan accounts.
“With over 53 crore Jan Dhan accounts opened, we’ve integrated a population equivalent to that of Europe into the banking system. The Jan Dhan, Aadhaar, and Mobile (JAM) trinity has revolutionized digital transactions. Today, India accounts for half of the world’s digital payments, with UPI setting a global benchmark. Banking services in India are accessible 24/7, regardless of weather or location,” Modi said.
Celebrating a decade of the Jan Dhan Yojana, Modi highlighted its role in empowering women, noting that over 70 percent of beneficiaries are female. He also took a subtle jab at the opposition, pointing out the fintech progress achieved under his administration, and emphasized that nearly every Indian aged 18 and above now possesses a digital identity.
