Mumbai, August 30, 2024 — Prime Minister Narendra Modi today addressed the Global Fintech Fest (GFF) 2024 at the Jio World Convention Center in Mumbai, highlighting the critical role of financial technology in India’s economic and social development. The event was also attended by Reserve Bank of India Governor Shaktikanta Das and GFF President Chris Gopalakrishnan, among other dignitaries.
In his speech, Prime Minister Modi emphasized the transformative impact of Fintech in India, citing the Unified Payments Interface (UPI) as a prime example of India’s success in the global Fintech arena. “UPI has not only revolutionized payments in India but has also set a benchmark for other nations. It exemplifies how Fintech can democratize financial services, making them accessible to all, especially the underserved,” Modi stated.
The Prime Minister also highlighted the success of the Direct Benefit Transfer (DBT) system, which has been instrumental in eliminating leakages in government schemes. “The use of DBT in our government initiatives has ensured that benefits reach the intended recipients directly, cutting down on corruption and inefficiencies. This is a testament to the power of Fintech in bringing transparency and accountability to governance,” he added.
Prime Minister Modi further elaborated on the positive impact of the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme, which has empowered street vendors by providing collateral-free loans through digital platforms. “The PM SVANidhi scheme has not only helped street vendors sustain their businesses but also enabled them to grow by embracing digital transactions. This is the new India, where even the smallest businesses are becoming part of the digital economy,” he remarked.
Modi also discussed how Fintech has simplified access to financial markets and investment opportunities for ordinary citizens. “Today, opening a Demat account, investing in mutual funds, and accessing stock market reports have become easier than ever before, thanks to Fintech. It has brought financial markets to the fingertips of every Indian,” he said.
The Prime Minister concluded by recognizing the broader impact of Fintech on various sectors, including healthcare, education, and skill development, especially in remote areas. “Our Fintech revolution is not just about financial services; it’s about enhancing the quality of life for all Indians. From healthcare to digital learning, Fintech is playing a crucial role in increasing the standard of living and building a self-reliant India,” Modi asserted.
The Global Fintech Fest 2024, organized with the aim of fostering innovation and collaboration in the Fintech space, continues to be a significant platform for industry leaders, policymakers, and stakeholders to discuss and shape the future of financial technology in India and beyond.