Convert fintech initiative into revolution to empower people: PM Modi

Prime Minister Narendra Modi on Friday said that now it is time to convert fintech initiatives into a fintech revolution to empower people.

He further said that India has proved to the world that its second to none when it comes to adopting technology or innovating around it.

Transformational initiatives under Digital India have opened doors for innovative Fintech solutions to be applied in governance, PM Modi said while inaugurating a leadership Forum on Financial Technology (FinTech) on Friday.


PM Modi recognised that country has shown immense trust in fintech ecosystem by embracing digital payment. “Technology is now important part in the world of finance, fully digital branch already a reality and may become common place in less than a decade, he said. Added that last year, India, mobile payments exceeded ATM cash withdrawals for the first time.

Talking about GIFT city- India’s global financial hub—he said that it is not merely a premise, it represents India. It represents India’s democratic values, demand, demography & diversity. It represents India’s openness to ideas, innovation & investment. GIFT City is a gateway to the global fintech world.

Fintech is resting on four pillars-income, investment, insurance and institutional credit. It is incomplete without security evolution, he said.

“We believe in sharing our experiences and expertise with the world and learning from them as well. Our Digital Public Infrastructure solutions can improve the lives of citizens around the world, PM noted.

According to an official statement by the Prime Minister's Office (PMO), the summit is set to see participation from more than 70 nations, while Indonesia, South Africa and the United Kingdom are partner countries.

On Wednesday, the Prime Minister urged youngsters, especially those in the world of start-ups, tech and innovation to participate in the summit as he said it "will set the tone for stakeholders to think beyond conventional mindset, and approach and discuss new trends in SpaceTech, GreenTech, AgriTech, quantum computing and more."