Time has come to transform fintech initiatives into revolution: PM Modi

Modi mentioned cellular funds in India exceeded ATM money withdrawals for the primary time final 12 months. He additional mentioned that the federal government has universalized financial institution accounts comprising 430 million Jan Dhan accounts within the final seven years, whereas in 2014 lower than 50 per cent of Indians had financial institution accounts.

So far 690 million RuPay playing cards have been issued. RuPay playing cards did 1.3 billion transactions final 12 months. UPI processed round 4.2 billion transactions within the final month,” he mentioned whereas addressing the inauguration of the Infinity Forum organized by the International Financial Services Center Authority.

About 300 million invoices are uploaded to the GST portal each month and over $12 billion is paid by way of the GST portal each month. He mentioned that regardless of the pandemic, round 1.5 million railway tickets have been booked on-line day-after-day and FASTag processed 1.3 billion transactions final 12 months.

“Financial inclusion is the driver of the fintech revolution. Fintech rests on four pillars – income, investment, insurance and institutional credit. Investment becomes possible when income increases. Insurance coverage enables greater risk appetite and investment. Institutionalized Credit gives wings to 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. Greater base perfect for fintech innovations becomes the springboard. The fintech industry in India is innovating to increase access to finance and formal credit system for every individual in the country. Now is the time to turn these fintech initiatives into fintech revolution,” he mentioned.