There is a need to convert fintech initiatives into fintech revolution for financial empowerment of the masses: PM Modi

Prime Minister Narendra Modi on Friday underlined the need to convert fintech initiatives into a fintech revolution with an aim to ensure financial empowerment for every citizen.

Inaugurating the Infinity Forum, he said that the FinTech industry has achieved massive success and has gained acceptance among the masses.

“Now, the time has come to convert these fintech initiatives into a fintech revolution. A revolution that helps in achieving financial empowerment of every citizen of the country,” the Prime Minister said.

Emphasizing that technology is bringing a big change in finance, he said last year mobile payments exceeded ATM cash withdrawals.

Citing another example, he said, fully digital banks without any physical branch offices are already a reality and may become common in less than a decade.

“As human beings evolved, so too did the form of our transactions. From barter system to metals, from coins to notes, from cheques to cards, we are here today”, he said.

Noting that India has proved to the world that it is second to none in terms of technology adoption, he said that the transformational initiatives under Digital India have opened doors for innovative fintech solutions to be implemented in governance. Huh.

Sharing India’s financial inclusion campaign led by technology, Modi said that while less than 50 per cent of Indians had bank accounts in 2014, India has made it almost universal with 43 crore Jan Dhan accounts in the last seven years. .

He also listed initiatives like the 690 million RuPay card, which saw 1.3 billion transactions last year; UPI has been processing around 4.2 billion transactions in the last month, and around 300 million invoices are being uploaded on the GST portal every month.

Describing financial inclusion as the driver of the fintech revolution, he said that fintech rests on four pillars – income, investment, insurance and institutional credit.

“When income rises, investment becomes possible. Insurance coverage enables greater risk appetite and investment. Institutional credit gives wings for expansion. And we have worked on each of these pillars. When all these When the factors come together, you suddenly find so many more people participating in the financial sector,” Modi said.

Highlighting the importance of trust in fintech in light of the widespread acceptance of these innovations among the masses, the Prime Minister said that the common Indian has shown immense faith in digital payments and the ecosystem by adopting such technologies.

“This trust is a responsibility. Trust means you need to make sure that the interests of the people are protected. Fintech innovation would be incomplete without fintech security innovation,” he said.

Modi said India also believes in sharing its experiences and expertise with the world and learning from them.

“Our digital public infrastructure solutions can improve the lives of people around the world. Tools like UPI and RuPay provide a unique opportunity for every country. Along with a low-cost and reliable ‘real-time payment system’ An opportunity to provide a domestic card scheme and money remittance system,” he said.

Observing that finance is the lifeblood of an economy and technology is its driver, Modi said both are equally important to achieve ‘Antyodaya and Sarvodaya’.

“Our flagship Infinity Forum is part of our effort to bring together all the key stakeholders of the global fintech industry to explore the limitless future of the industry,” he added.

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