Prime Minister Narendra Modi on Friday hinted that he intends to stay in power for a long time while addressing the Global Fintech Fest (GFF) at Jio World Convention Centre in Mumbai. “This is the fifth Global Fintech Fest. I will also be here to address the tenth Fintech Fest,” the Prime Minister said, expressing confidence.
The Prime Minister expressed confidence that India’s FinTech ecosystem will play a huge role in providing a quality lifestyle to the people of India. He said, “I am confident that India’s FinTech ecosystem will make life easier for the entire world. Our best is yet to come.”
Referring to the changes brought about by the FinTech industry in the country, the Prime Minister said that it has not only transformed India’s technological front but has also made a huge social impact by bridging the gap between urban and rural India. Modi further pointed out that the same banking services that earlier used to take an entire day and created barriers for farmers and middle class families are now easily available on mobile phones with the help of FinTech.
Underlining the role of fintech in democratising financial services, the Prime Minister gave examples of easily available loans, credit cards, investments and insurance. He said that fintech has made access to credit easy and inclusive. He gave the example of PM Swanidhi Yojana,
Which has enabled street vendors to get loans without any collateral and grow their business with the help of digital transactions. He also mentioned easy access to stock markets and mutual funds, investment reports and opening of demat accounts. Referring to the rise of Digital India, the Prime Minister highlighted that services such as remote healthcare, digital education and skill learning would not have been possible without fintech. Modi said, “India’s fintech revolution is playing a big role in improving the dignity of life and quality of life.”
He said that I have faith in the country’s fintech ecosystem and it will provide a quality life to Indians. He highlighted the significant growth of the fintech sector in India. “In the last 10 years, more than $31 billion has been invested in the fintech space. Our fintech startups have grown by 500 per cent in 10 years,” the Prime Minister said.
Crediting fintech startups for providing 24×7 banking services throughout the year during Corona, Modi urged them to help the whole world do business more easily and thus help the whole world live a better life.
Modi lauded the fintech revolution, saying it has not only brought more people into the formal economy but also increased dignity and quality of life for people. He emphasised the progress from traditional currency to modern QR codes and attributed this progress to the work of tech innovators.
While praising the sector for ensuring uninterrupted banking services even during the pandemic, he said that UPI has emerged as a global proof of our fintech capabilities. Even during such a big crisis of Corona, India was among those countries of the world where our banking services continued without any problem.
Referring to the ‘Mudra Loan Scheme’ of microfinance, the Prime Minister said that loans worth Rs 27 trillion have been disbursed under this scheme so far. About 70 percent of the beneficiaries of this scheme are women.