On Friday, Prime Minister Narendra Modi emphasized the importance of the Jan Dhan Yojana in increasing financial inclusion across India. Speaking at the Global Fintech Fest (GFF), he described how the initiative has been a game changer in ensuring that financial services are available throughout the country.
PM Modi stated that the Jan Dhan Yojana has not only increased the number of individuals who use formal banking, but it has also considerably empowered women.
He stated that over the last decade, more than 29 crore bank accounts have been established for women via the plan, allowing them to save money and make investments, giving them greater control over their finances.
The Prime Minister emphasized that the combination of low-cost mobile phones, cheaper data, and zero balance Jan Dhan accounts has been revolutionary.
"Cheaper phones and data, along with zero balance Jan Dhan accounts, have created wonders," he remarked, emphasizing the impact these variables have had on financial inclusion.
PM Modi also emphasized the success of the MUDRA loans, which have helped small companies across the country.
He stated that Rs 27 trillion in credit has been provided through MUDRA loans, with women making up 70% of the recipients.
The Prime Minister also complimented the Unified Payments Interface (UPI) system, describing it as a shining example of India's fintech success. He claimed that UPI has made digital payments available to everyone, whether they reside in a rural or a city.
"In the globe, India's UPI has become a shining example of FinTech. Today, whether in a rural or a metropolis, whether it's freezing or hot, rainy or snowing, banking service in India is available 24 hours a day, seven days a week, and twelve months a year," he remarked.
PM Modi went on to say how the world is surprised by India's fintech variety, noting that the country's fintech revolution is not only promoting financial inclusion but also fueling innovation.
He stated that the market is currently in a "festive mood," expressing good feeling for India's fintech successes.
During his address, PM Modi also stated that the fintech industry in India had received more than $31 billion in investment over the previous decade.
He noted the amazing rise of startups in this industry, stating that they had increased by more than 500%. The widespread acceptance of zero balance Jan Dhan accounts, as well as the availability of inexpensive broadband and mobile phones, have all contributed to this rapid rise.
Looking ahead, the Prime Minister voiced confidence in the future of India's fintech sector, saying, "The best is yet to come."
He also asked fintech regulators to prioritize critical areas such as avoiding cybercrime and raising public understanding of digital issues.
