In his speech to the Global Fintech Fest, Prime Minister Narendra Modi asked financial regulators to step up their efforts to reduce cybercrime and improve digital literacy in order to promote the growth of the fintech industry. He highlighted the importance of India’s fintech innovations on financial inclusion and comfort of living, mentioning the UPl payment system, Jan Dhan accounts, and rising broadband usage.
Prime Minister Narendra Modi stated during his speech at the Global Fintech Fest (GFF) that regulators in the financial industry need to step up their efforts to stop cybercrimes and promote digital literacy. According to him, the financial and start-up ecosystems shouldn’t be allowed to develop due to the fear of cyberfraud.
“It is my belief that regulators would increase their efforts to combat cyberfrauds and advance digital literacy. On the final day of the GFF, Modi addressed executives in the banking, fintech, and start-up sectors, saying that cyberfrauds shouldn’t be allowed to prevent their growth.
According to Modi, fintech developments from India would not only improve Indians’ quality of life but also make life easier for everyone on the globe. Fintech CEOs were asked by him to use technology for fraud detection, risk management, and client experience.
In a 30-minute speech, Modi discussed the government’s programs like Jan Dhan accounts, digital payments, and direct benefit transfers, as well as the successes of India’s fintech and start-up sectors.
According to him, fintech investments in India have increased six times to $31 billion over the past ten years. Ten years later, there are 940 million broadband users, up from 60 million.
“We have brought the whole population of the European Union into the financial system with 530 million Jan Dhan accounts. India is where half of the world’s real-time transactions take place. According to Modi, the UPI payment system is widely used and accessible at all times.
He said that 290 million women have opened Jan Dhan accounts in the last ten years, while 70% of the of the beneficiaries of the government schemes are women. “Fintech has also had a social impact as it has bridged the gap between villages and cities. Banks are no longer just a building but an application on mobile phones, and accessing banking services is no longer a full-day job,” Modi said.
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