Prime Minister Narendra Modi on Friday, August 30, said more than 30 billion US dollars have been invested in fintech space. Speaking at the Global Fintech Fest (GFF) at the Jio World Convention Centre in Mumbai, He said that cheap mobiles, data, and zero balance accounts under the (Pradhan Mantri) Jan-Dhan Yojana (PMJDY) have done wonders in the nation.
"In the last 10 years, there has been an investment of more than 31 billion dollars. In the last 10 years, there has been an increase of 500 per cent in Fintech startups. Cheap mobiles, data and zero balance account under the (Pradhan Mantri) Jan-Dhan Yojana (PMJDY) have done wonders in the nation," said PM Modi.
Watch Highlights of PM Modi's Speech at Global Fintech Fest in Mumbai
PM Modi said that people around the world astonished by our fintech diversity as India's fintech revolution is visible everywhere. "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," he said.
PM Modi said fintech has dented the parallel economy, helping bridge the gap between villages and cities. He said the fintech sector has played an important role in making financial services democratic and making access to credit easy and inclusive. "Loans worth over Rs 27 lakh crore disbursed under Pradhan Mantri MUDRA Yojana, world's largest microfinance scheme," He said.
Prime Minister Modi also attacked the opposition in their address, saying that people in Parliament questioned the government over the lack of bank branches in villages and internet services. "People in Parliament used to ask that there are not enough branches in the country, banks are not available in the villages, internet services are not available...How will there be a Fintech revolution?... Within a decade broadband users increased from 60 million to 940 million," He added.
PM Modi said the government is taking all steps at the policy level to help the fintech sector and abolish the Angel Tax. "I also understand your concerns related to misuse of AI. That is why India has also called for creating a global framework for the ethical use of AI. The government is making every necessary change at the policy level to help the FinTech sector. Recently we have removed the angel tax," He said further.