Prime Minister Modi Highlights India’s Fintech Growth at Global Fintech Fest in Mumbai
Prime Minister Narendra Modi spoke at the Global Fintech Fest held at the Jio World Convention Centre in Mumbai, emphasizing the significant growth and innovation in India’s fintech industry over the past decade.
Fintech Revolution in India
PM Modi highlighted that India’s fintech industry has received over USD 31 billion in investments and has grown by more than 500% in the last 10 years. He attributed this growth to affordable mobile data, cheaper mobile devices, and the Jan Dhan accounts.
Jan Dhan Yojana and Women Empowerment
PM Modi celebrated the 10-year anniversary of the Jan Dhan Yojana, a financial inclusion program that has empowered women, with over 70% of its beneficiaries being women. The scheme has connected more than 53 crore people to the banking system, equivalent to the population of Europe.
He also mentioned the Mudra Yojana, a microfinance scheme launched through Jan Dhan accounts, which has credited around Rs 27 trillion to beneficiaries, with 70% of them being women.
Digital Identity and Broadband Growth
PM Modi noted that nearly every Indian above the age of 18 now has a digital identity and access to broadband, with users increasing from 6 crore to 94 crore in the last decade.
Global Fintech Fest Highlights
The Global Fintech Fest, organized by the Payments Council of India, the National Payments Corporation of India, and the Fintech Convergence Council, featured around 800 speakers from various countries. The event showcased the latest innovations in fintech and launched over 20 thought leadership reports and white papers.
Doubts Revealed
Prime Minister Modi -: Prime Minister Modi is the leader of India. He makes important decisions for the country.
Global Fintech Fest -: The Global Fintech Fest is a big event where people talk about new technology in finance, like online banking and digital payments.
Mumbai -: Mumbai is a large city in India. It is known for being the financial capital of the country.
Fintech -: Fintech stands for financial technology. It means using new technology to make financial services better and easier.
USD 31 billion -: USD 31 billion means 31 billion US dollars. It’s a lot of money that has been invested in India’s fintech industry.
Jan Dhan Yojana -: Jan Dhan Yojana is a program started by the Indian government to help people, especially women, open bank accounts and use financial services.
Financial inclusion -: Financial inclusion means making sure everyone has access to useful and affordable financial services, like bank accounts and loans.
Digital identity -: Digital identity is a way to prove who you are online, like using an Aadhaar card in India.
Broadband access -: Broadband access means having a fast internet connection, which helps people use online services easily.
800 speakers -: 800 speakers means 800 people talked or gave presentations at the event, sharing their ideas and knowledge.
Fintech innovations -: Fintech innovations are new and creative ideas in financial technology that make things like banking and payments easier and faster.