Global FinTech Fest 2024: PM Modi Lauds Growth Of Sector; Says Banks In Every Indian's Mobile Phone

The Prime Minister of India, Narendra Modi, took to the stage at the Global FinTech Fest in Mumbai to address the gathering that he deemed a festival, amidst the ongoing festivities in India.

The PM touched on various aspects of fintech, finance and tech. He stated that the fintech sector in the country had witnessed a mammoth investment of USD 31 billion in the recent past. In addition, he also claimed that there has been an apparent 500 per cent jump in the number of fintech startups in the country.

Laying emphasis on the advent of technology and finance, he highlighted the rise of the Unified Payments Interface or UPI, not just in India, but, throughout the globe. According to PM Modi, this development has emblematic of the reinvigoration of the banking sector.

Fintech, according to him, solved the issue of accessibility. Bank in Phone

This growth has been supplemented by the surge of internet. The PM claimed that broadband users in India jumped from 6 crore to a whopping 94 crore.

PM also invoked what he called the triumvirate of Jandhan-Aadhaar-Mobile. Here, 'Jandhan' is the centre's PM Jandhan Yojana scheme, that intends to take the banking system to the poorest of the country, with a population of 1.4 billion.

The PM also said, "At the Global Fintech Fest (GFF), Prime Minister Narendra Modi says, "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! From landing at the airport to experiencing street food and shopping, India's fintech revolution is visible everywhere."

According to PM, the Indian banking sector has only grown more resilient with time, as the Indian banking service withstood the crisis of Corona, or the Covid pandemic, that brought the whole world to a standstill.