Terming monetary inclusion as the driving force of fintech revolution, Prime Minister Narendra Modi on Friday mentioned the fintech trade within the nation is innovating to extend entry to finance and the formal credit score system to each particular person within the nation and now could be the time to transform fintech initiatives right into a fintech revolution.
Modi mentioned cell funds in India exceeded ATM money withdrawals for the primary time final 12 months. He additional mentioned that the federal government has universalised financial institution accounts with 430 million Jan Dhan accounts within the final seven years from lower than 50 per cent Indians having financial institution accounts in 2014. “So far, 690 million RuPay cards have been issued. RuPay cards clocked 1.3 billion transactions last year. UPI processed around 4.2 billion transactions in just last month,” he mentioned whereas addressing the inauguration of InFinity Forum organised by the International Financial Services Centres Authority, in partnership with GIFT City and Bloomberg.
Almost 300 million invoices are uploaded on the GST portal each month and over $12 billion price cost is finished by means of the GST portal each month.
“Financial inclusion is the driver of the Fintech Revolution. Fintech is resting on 4 pillars; income, investments, insurance, and institutional credit. When income grows, investment becomes possible. Insurance coverage enables greater risk taking ability and investments. Institutional credit gives wings for expansion. And we have worked on each of these pillars. When all these factors come together, you suddenly find so many more people participating in the financial sector … Now it is time to convert these fintech initiatives into a fintech revolution,” he mentioned.
“We believe in sharing our experiences and expertise with the world and learning from them as well … Tools like UPI and RuPay provide an unparalleled opportunity for every country,” Modi mentioned.
