PM Modi at Global Fintech Fest: Highlights India’s Fintech Revolution
Prime Minister Narendra Modi attended the Global Fintech Fest (GFF) today at the Jio World Convention Center in Mumbai’s Bandra-Kurla Complex. During his speech, he highlighted the significant progress India has made in the fintech sector. Modi emphasized that the Indian banking system is now accessible 24 hours a day through net banking and apps. He also noted that while August has many festivals, including the recent celebration of Shri Krishna Janmashtami, there is a similar excitement in the economy and markets.
Fintech’s Impact on India’s Banking System
Prime Minister Modi remarked that fintech has revolutionized the banking system in India. He recalled how, in the past, people in Parliament questioned how fintech could thrive in India due to a lack of bank branches and internet facilities in villages. However, within a decade, the number of broadband internet users surged from 60 million to 940 million. He noted that banking facilities remained operational even during the COVID-19 pandemic, with transactions now available 24 hours a day through QR codes and UPI.
‘Currency to QR Code’: The Fintech Revolution
Modi observed that while foreigners once marveled at India’s cultural diversity, they are now impressed by the diversity of fintech innovations. He highlighted that fintech has become an integral part of everyday life in India, from landing at the airport to shopping on the streets. At the Global Fintech Fest, Modi asserted that India has achieved a fintech revolution, transitioning from ‘currency to QR code.’
Efforts to Prevent AI Misuse
Prime Minister Modi also addressed recent changes, including the abolition of angel tax in the budget session. He stated, “We have taken this decision strategically to support the fintech sector by abolishing angel tax.” He emphasized the need to combat cyber scams and ensure transparency in digital transactions. Additionally, Modi called for the development of global regulations to prevent the misuse of artificial intelligence (AI).
