NEW DELHI: Prime Minister Narendra Modi on Friday during the keynote speech at a special session of Global Fintech Fest 2024 held in Mumbai said that there is festivity in economy and markets.
PM further said that the fintech revolution is everywhere. He said there was a time when people used to get amazed by our cultural diversity. Now, people come to India, and are astonished by our fintech diversity too.
“People in Parliament used to ask that there are not enough branches in the country, banks are not available in the villages, internet services are not available…How will there be a Fintech revolution?… Within a decade broadband users increased from 60 million to 940 million,” said PM.
“Even during such a huge pandemic like Covid, India was among those countries where banking services were unaffected… Jan-Dhan Yojana completed its 10 years, it was a great medium of women empowerment. Under this scheme, bank accounts of 29 crore women were opened,” he added.
Additionally, PM said that government abolished Angel Tax and is taking all steps at policy level to help fintech sector. He further said that I have certain expectations from regulators, we need to take big steps to stop cyber frauds, increase digital literacy.
“You have also seen how we have brought transparency in India through digital technology. Today, direct benefit transfer is done under hundreds of government schemes. This has eliminated leakage from the system. Today, people see the benefit of joining the formal system. The transformation that has come in India due to Fintech is not limited to technology alone. Its social impact is very wide. This has helped in bridging the gap between villages and cities,” said Modi.
“In the last 10 years, there has been an investment of more than 31 billion dollars. In the last 10 years, there has been an increase of 500 per cent in Fintech startups. Cheap mobiles, data and zero balance account under the (Pradhan Mantri) Jan-Dhan Yojana (PMJDY) have done wonders in the nation,” PM added.
PM Modi earlier interacted with industry professionals at the event attended by policymakers, regulators, senior bankers, and scholars from India and abroad.
He will later inaugurate and lay the foundation stone for several development projects at CIDCO ground in Palghar, including the foundation stone for the Rs 76,000 crore Vadhvan Port project near Dahanu town, which aims to enhance the nation’s trade and provide direct access to international shipping routes.
Prior to his visit to Maharashtra, Prime Minister Narendra Modi referred to the ‘Vadhvan Port project’ as a “very special project” and expressed his belief that it will contribute to India’s development. PM Modi also emphasized that this project will reinforce Maharashtra’s crucial role as a “powerhouse of progress”.
PM further said that the fintech revolution is everywhere. He said there was a time when people used to get amazed by our cultural diversity. Now, people come to India, and are astonished by our fintech diversity too.
“People in Parliament used to ask that there are not enough branches in the country, banks are not available in the villages, internet services are not available…How will there be a Fintech revolution?… Within a decade broadband users increased from 60 million to 940 million,” said PM.
“Even during such a huge pandemic like Covid, India was among those countries where banking services were unaffected… Jan-Dhan Yojana completed its 10 years, it was a great medium of women empowerment. Under this scheme, bank accounts of 29 crore women were opened,” he added.
Additionally, PM said that government abolished Angel Tax and is taking all steps at policy level to help fintech sector. He further said that I have certain expectations from regulators, we need to take big steps to stop cyber frauds, increase digital literacy.
“You have also seen how we have brought transparency in India through digital technology. Today, direct benefit transfer is done under hundreds of government schemes. This has eliminated leakage from the system. Today, people see the benefit of joining the formal system. The transformation that has come in India due to Fintech is not limited to technology alone. Its social impact is very wide. This has helped in bridging the gap between villages and cities,” said Modi.
“In the last 10 years, there has been an investment of more than 31 billion dollars. In the last 10 years, there has been an increase of 500 per cent in Fintech startups. Cheap mobiles, data and zero balance account under the (Pradhan Mantri) Jan-Dhan Yojana (PMJDY) have done wonders in the nation,” PM added.
PM Modi earlier interacted with industry professionals at the event attended by policymakers, regulators, senior bankers, and scholars from India and abroad.
He will later inaugurate and lay the foundation stone for several development projects at CIDCO ground in Palghar, including the foundation stone for the Rs 76,000 crore Vadhvan Port project near Dahanu town, which aims to enhance the nation’s trade and provide direct access to international shipping routes.
Prior to his visit to Maharashtra, Prime Minister Narendra Modi referred to the ‘Vadhvan Port project’ as a “very special project” and expressed his belief that it will contribute to India’s development. PM Modi also emphasized that this project will reinforce Maharashtra’s crucial role as a “powerhouse of progress”.