Prime Minister Narendra Modi has celebrated the remarkable growth and innovation within India’s fintech industry, revealing that the sector has attracted a record investment of over $31 billion in the past decade. Speaking at the ‘Global Fintech Fest (GFF) 2024’ in Mumbai, Modi emphasized how affordable technology and government initiatives like Jan Dhan Yojna have revolutionized financial inclusion and digital transactions in India, positioning the country as a global leader in fintech.
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- Record Investment: India’s fintech industry has received over $31 billion in investment over the last 10 years.
- Startup Growth: The sector has experienced a 500% increase in startups during this period.
- Key Innovations: Affordable mobile phones, inexpensive data, and Jan Dhan Bank accounts have driven the fintech revolution.
- Broadband Expansion: The number of broadband users in India has surged from 60 million to 940 million.
- Financial Inclusion: Over 530 million people have opened Jan Dhan accounts, effectively connecting a population equivalent to the European Union to banks.
- Women’s Empowerment: More than 29 crore Jan Dhan accounts have been opened for women, fostering savings and investment opportunities.
- Digital Transactions: The JAM (Jan Dhan, Aadhaar, Mobile) trinity has significantly shifted India from cash-based transactions to digital payments.
- Unified Payments Interface (UPI): UPI has become a global example of fintech innovation, facilitating 24X7 banking services across the country.
- Microfinance Impact: The Mudra Yojna has disbursed Rs 27 trillion in credit, based on the Jan Dhan philosophy.
- Transparency and Trust: Digital technologies, including Direct Benefit Transfer, have increased transparency and reduced systemic leakages in government schemes.
