The Prime Minister, Shri Narendra Modi, today attended the Global Fintech Fest (GFF), a private event, at the Jio World Convention Centre in the Bandra-Kurla Complex in Mumbai. He mentioned the progress made by India in the Fintech sector. The Prime Minister said that the Indian banking system now works 24 hours a day through net banking and apps. There are many festivals in the month of August, recently Shri Krishna Janmashtami was celebrated. He said that just as there is enthusiasm for festivals in India, there is also enthusiasm in the economy and markets.
"There was a time when people used to tell me in Parliament that there are not enough bank branches in India. There are no banks or internet in the village. So how will the fintech revolution happen? But in a decade, the number of broadband internet users increased from 60 million to 940 million. The banking system in India has not slowed down even during the Corona pandemic. With the QR code and UPI, the bank's transactions are now open for 24 hours. "
Currency to QR Code, the Fintech revolution in India
There was a time when people from abroad used to be amazed by the cultural diversity when they came to India. But now when they come to India, they are also surprised to see the fintech diversity. Fintech is seen everywhere from landing at the airport to doing street shopping. At the Global Fintech Fest in Mumbai, PM Modi said that India has made a fintech revolution from currency to QR code.
Trying to prevent the misuse of AI
Prime Minister Narendra Modi had announced the abolition of angel tax in his budget speech. "To help the fintech sector, we took this decision at the policy level and abolished the angel tax. Now we will try to curb cyber scams to bring transparency in digital transactions. AI is being used all over the world. I have called for framing of global guidelines to prevent this abuse, "PM Modi said.