They asked a chaiwala about fintech revolution 10 years ago: PM Modi takes a dig at Opposition in Mumbai

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India's FinTech revolution is improving financial inclusion as well as driving innovation, Prime Minister (PM) Narendra Modi said in Mumbai during his Global Fintech Fest 2024 address on Friday. He added that in the past 10 years, the country's fintech industry has received investments more than USD 31 billion, while the startups in the industry has recorded over 500 per cent growth.

Addressing the Global Fintech Fest at the Jio World convention Centre in Bandra-Kurla Complex of Mumbai, PM Modi highlighted the growth of the country's fintech industry, and said there used to be a time when the world would be surprised at India's cultural diversity but now "they are astonished by our fintech diversity".

"In this festive mode, Global Fintech Festival is being conducted that too in the dream city of Mumbai. We can see a new world for our youths. We have lots of guests from foreign countries too. There was a time when people were surprised to see our culture, now they are equally amazed to witness the fintech diversity of India. From landing at the airport to street food and shopping experiences, India's fintech industry is visible everywhere," said PM Modi, adding that in the past 10 years, India received investments worth more than 31 billion dollars in the fintech space. He also claimed that the fintech startup industry has grown more than 500 per cent and attributed the growth to cheaper mobile data.

Hailing India's technological revolution, PM Modi said that there is hardly any adult Indian who does not have any digital identity.

He also took a dig at the Opposition and said, "If you may remember, earlier people who thought themselves to be intelligent asked in the Parliament why Indians lack bank branches, or have inadequate internet connectivity and electricity, and how the fintech revolution will take place in the country. They asked me, a chaiwala PM. But see what has happened today. In the past 10 years, the users of broadband in India have increased from 6 crore to 94 crore. Today, there's hardly any Indian above the age of 18 years who doesn't use broadband or have any digital identity."

As the Jan Dhan Yojana recently completed 10 years, PM Modi said that the scheme has become a medium of women empowerment because more than 70 per cent of beneficiaries of the accounts are women.

He further stated that through Jan Dhan Yojana, the government was able to launch Microfinance's biggest scheme Mudra Yojana, which benefitted the citizens of the country, especially women, as it credited around Rs 27 trillion in the beneficiaries' accounts.

"Today, more than 53 crore people have Jan Dhan accounts, which means in the past 10 years, we have connected the number of people equal to the European population with the banking system. Jan Dhan, Aadhar, and Mobile have revolutionised digital transactions. Today, half of the global digital payments takes place in India. UPI (Unified Payments Interface) has become a major example for Fintech. Whether it is rural area or urban, summer or winter or monsoon, the banking services in India work 24'7 with UPI services," said PM in his address in Mumbai.

"During the Covid-19 pandemic, India was one of the countries where the banking system was working without any irregularities for the whole time. Recently, the Jan Dhan Yojana completed 10 years. It has become a medium of women empowerment, as more than 29 crore women have accounts under the scheme. In these accounts, we created opportunities for women to save and invest. On the basis of these accounts, we launched Mircofinance's biggest scheme, that is the Mudra Yojana, through which around Rs 27 trillion is credited and 70 per cent of the beneficiaries are women. Jan Dhan has also given a boost to the self-help groups, which is benefitting 10 crore rural women, which means it's a medium for women's empowerment," he added.

GFF is jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council.

Around 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians from India and various other countries will address more than 350 sessions at the conference. GFF showcased the latest innovations in the fintech landscape. More than 20 thought leadership reports and white papers were also launched at GFF 2024, offering insights, and in-depth industry information.

(With ANI inputs)