PM Modi Indicates Long-Term Leadership with Promise to Attend Tenth Global Fintech Fest

At the Global Fintech Fest 2024 in Mumbai on Friday, Prime Minister Narendra Modi suggested that he plans to stay in power. He also highlighted that India’s financial system will not only enhance the quality of life for its own citizens but will also improve living standards worldwide.

He said that," This is the fifth Global Fintech Fest. I will come here to address the tenth Fintech Fest as well." Highlighting the transformative impact of fintech, Modi pointed out that the Unified Payments Interface (UPI) is a prime example of India’s success in the field. he added that, " The speed and scale at which India has adapted to change, there is no other example globally… The fintech revolution has brought transparency, helped plug systemic leakages, and checked the parallel economy.The transformation is not limited to technology. It has had a social impact, helping to bridge the divide between village and city… Fintech has paved the way for new markets with innovations and concepts."

The Prime Minister stated that fintech has significantly democratized financial services. He noted that direct benefit transfers have eliminated system leakages and encouraged more people to join the formal financial system. Reflecting on the 10-year anniversary of Jan Dhan Yojana, Modi highlighted that despite initial skepticism in Parliament, the initiative has become a powerful tool for women's empowerment. He revealed that over 29 crore women now have bank accounts, creating new opportunities for savings and investment.

He mentioned that, " At Jalgaon, recently, during my visit, I was surprised to see the role of Bank Sakhis. A village woman said she does digital commerce worth Rs 1.5 crore within seconds."

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