Mumbai: Prime Minister Narendra Modi, in his address at the Mumbai Global Fintech Festival, cited the festive mood prevailing in the country and how this atmosphere is mirrored in India's booming fintech sector.
He welcomed guests from across the globe, highlighting the impressive growth of India's fintech industry, which has seen over $31 billion invested in the last decade.
Modi proudly spoke about the transformation in India’s financial sector, driven by cheap mobile phones, affordable data, and the Jan Dhan Yojana, which has connected millions to the banking system.
He reminisced about skeptics who once doubted the feasibility of such a revolution, particularly in rural areas, where access to banks and the internet was limited.
However, he pointed out that broadband users in India have skyrocketed from 60 million to 940 million in just ten years.
He cited the impact of the Jan Dhan Yojana, which has been instrumental in empowering women.
With over 290 million women now holding bank accounts, and the Mudra Yojana disbursing over ₹27 trillion in credit, women’s financial inclusion has taken a significant leap.
Modi also lauded the role of fintech in enhancing transparency, reducing systemic leakage through Direct Benefit Transfers, and bridging the gap between rural and urban areas.
He stressed that fintech has democratized financial services, making products like loans, credit cards, and investments accessible to all, including street vendors who can now avail collateral-free loans through schemes like PM Svanidhi.
Furthermore, he emphasized India’s leadership in digital payments, with UPI being a stellar example.
He encouraged the fintech sector to continue innovating, ensuring that growth is inclusive and sustainable.
Modi expressed confidence in India’s youth, believing that the fintech revolution in India is just beginning and will continue to shape the future globally.
Krishna Gopal Krishna, Chairman of the Global Fintech Festival, praised Modi's leadership and the transformative journey India has undergone.
He highlighted India’s position as the fastest-growing large economy, set to become a $10 trillion economy in the next decade.
RBI Governor Shaktikanta Das also addressed the gathering, emphasizing the importance of building a fintech ecosystem that is future-ready and integrated into the lives of 1.4 billion Indians.
He noted the success of India's fintech innovations like Aadhaar, UPI, and the Digital Locker, which are results of collaborative efforts between policymakers, regulators, and innovators.
