Last Updated on 3 weeks by INDIAN AWAAZ
Fintech sector played a significant role in democratizing financial services: PM
Aditya Raj Das
Prime Minister Narendra Modi today said that India’s fintech sector is going to ease the lives of people globally. Addressing a special Global Fintech Fest (GFF) 2024 in Mumbai, the Prime Minister noted that India’s fintech adoption is unmatched in speed and scale, with half of the world’s real-time digital transactions occurring in India.
The Prime Minister remarked that fintech has played a significant role in democratizing financial services. He added that digital transactions have diminished the menace of the parallel economy and increased transparency in the banking system. The Prime Minister emphasized that the transformation brought about by fintech in India is not limited to just technology; the social impact of these initiatives is far-reaching. Hailing India’s fintech innovation, the Prime Minister noted that the industry has received a record investment of more than 31 billion dollars, along with witnessing a startup growth of 500 per cent in the last decade.
Speaking on the occasion, Governor of the Reserve Bank of India Shaktikanta Das opined that India now stands on the cusp of a transformation where technology will be the engine to meet the aspirations of every citizen.
The Prime Minister also visited the GFF exhibition, which showcased the latest innovations in the fintech landscape.
The Global Fintech Fest (GFF) 2024 is being jointly organized 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.
It is worth mentioning that Fintech aims to make financial services more efficient, accessible, and user-friendly through technological advancements.