Financial inclusion is the driver of Fintech Revolution- The Prime Minister of india, Shri. Narendra Modi said at the Infinity Forum inaugural today. 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.
India has proved to the world that it is second to none when it comes to adopting technology or innovating around it. Transformational initiatives under Digital India have opened doors for Fintech innovations to be applied in governance.
Prime Minister Modi speaking at the ‘Infinity Forum‘ said the forum represents the immense possibilities that Fintech has in India. It also shows the huge potential for India’s Fintech to provide benefits to the entire world.
‘InFinity Forum’ on fintech today; over 70 countries to participate
Technology has also catalyzed financial inclusion – PM Modi at Infinity Forum on Fintech
From less than 50% Indians having bank accounts in 2014, we have almost universalized it with 430 million Jan Dhan accounts in the last 7 years. 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 further said, 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. The large base becomes the perfect springboard for Fintech innovations.
Almost 300 million invoices are uploaded on the GST portal every month. More than 12 billion US dollars worth payment is done through the GST portal alone every month. Despite the pandemic, about 1.5 million railway tickets get booked online everyday. Last year, FASTag processed 1.3 billion seamless transactions. PM Svanidhi is enabling access to credit for small vendors across the country. e-RUPI has enabled targeted delivery of specified services without leakages; I can go on and on, but these are just a few examples of the scale & scope of Fintech in India.