“My expectation from regulators is that they should do extra to stop cyber frauds and take extra steps to enhance digital literacy.Cyber frauds shouldn’t be allowed to impede the progress of the fintech and startup industries,” Modi mentioned.
PM Modi additionally requested fintech executives to make use of expertise for danger administration, fraud detection and buyer expertise. He said that the fintech improvements within the nation won’t solely enhance the life-style of Indians, but additionally assist in world ease of residing.
Half of real-time world transactions executed in India: PM Modi
Throughout the occasion, PM Modi identified that half the real-time transactions of the world are executed in India including that UPI (the Unified Funds Interface) is world-renowned and out there 24×7.
“With 530 million Jan Dhan accounts, now we have added the entire European Union’s inhabitants to the banking system,” mentioned the PM, including that 290 million girls have opened Jan Dhan accounts within the final 10 years, whereas 70% beneficiaries of presidency schemes are girls.
“Fintech has additionally had a social influence, because it bridged the hole between villages and cities. Banks are not only a constructing, however an utility on cell phones, and accessing their companies is not a full-day job,” he added.
He additionally applauded India’s fintech and startup achievements and touched upon authorities initiatives akin to Jan Dhan Yojana, direct profit switch and digital funds. He mentioned there was a six-times enhance in fintech investments in India within the final 10 years to $31 billion.
