Summary:

Prime Minister Narendra Modi emphasized how fintech has democratized financial services in India, making loans, credit cards, investments, and insurance more accessible. At the Global Fintech Festival in Mumbai, he lauded the "fintech revolution" for enhancing the quality of life and increasing financial availability in rural areas. He noted that fintech's successes extend beyond innovation to widespread acceptance, supported by Digital Public Infrastructure (DPI) and fintech companies.

He stated that the fintech sector has attracted over $31 billion in investment over the past decade, expanding by 500%. Advances such as low-cost mobile phones, affordable data, and zero-balance Jan Dhan accounts have boosted financial inclusion, increasing broadband users from 60 million to 940 million. The Jan Dhan scheme, celebrating its tenth anniversary, has established over 530 million accounts and empowered women with 290 million accounts. The Mudra initiative has distributed approximately $322.12 billion, benefiting more than 70% of women. He also praised India for maintaining uninterrupted financial services during the Covid-19 pandemic.

Source: IBEF 

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