PM Modi at GFF 2024: Indian Fintech industry received an investment of $31 billion in last 10 years

PM Modi at GFF 2024: Prime Minister Narendra Modi highlighted India's fintech prowess at the Global Fintech Fest or the GFF 2024 today. While speaking at the event in Mumbai, the Prime Minister said that the Indian fintech industry has received an investment of over $31 billion in the past 10 years. "In the last 10 years, the industry has received a record investment of more than 31 billion USD along with witnessing a startup growth of 500 percent," PM Modi said at GFF 2024.

He also said that the growth of Jan Dhan, Aadhaar and mobile have led to a significant increase in the financial transactions and that half of the world's digital transactions are taking place in India. "India’s UPI has become a major example of Fintech in the world," PM Modi said while adding that it has enabled 27x7 banking services in every village and city in all weather conditions.

Talking about the success of Jan Dhan Yojana, the PM said that more than 530 million people in India have Jhan Dhan accounts. "Today, more than 530 million people in the country have Jhan Dhan accounts. In a way we have connected a population equivalent to that of the entire European Union to banks in just 10 years," PM Modi said.

"Jan Dhan Program has laid strong foundations of financial empowerment of women," PM Modi added. Furthermore, he said that the largest microfinance scheme, Mudra Yojna, which was launched on the philosophy of Jan Dhan accounts, has disbursed a credit of Rs 27 trillion so far.

Highlighting the change that the growth in fintech industry has brought in India, the PM said that it has helped in bridging the gap between urban and rural India. "The same banking services which earlier used to take a whole day, creating hindrances for the farmers and middle-class families, are now easily accessible on mobile phones with the help of fintech," he added.

At GFF 2024, the PM also hailed the role of the Digital Public Infrastructure (DPI) in bringing transformation in India. "The 21st-century world is changing at a fast pace and while the journey from currency to QR (quick response) codes took us a while, we have been witnessing innovations daily," PM Modi said.

“India has called for a global framework for AI”, PM Modi said while talking about the use of sound boxes along with QR codes.