“My expectation from regulators is that they need to do more to prevent cyber frauds and take more steps to improve digital literacy.Cyber frauds should not be allowed to impede the progress of the fintech and startup industries,” Modi said.
PM Modi also asked fintech executives to use technology for risk management, fraud detection and customer experience. He stated that the fintech innovations in the country will not only improve the lifestyle of Indians, but also help in global ease of living.
Half of real-time global transactions done in India: PM Modi
During the event, PM Modi pointed out that half the real-time transactions of the world are done in India adding that UPI (the Unified Payments Interface) is world-renowned and available 24×7.
“With 530 million Jan Dhan accounts, we have added the whole European Union’s population to the banking system,” said the PM, adding that 290 million women have opened Jan Dhan accounts in the last 10 years, while 70% beneficiaries of government schemes are women.
“Fintech has also had a social impact, as it bridged the gap between villages and cities. Banks are no longer just a building, but an application on mobile phones, and accessing their services is no longer a full-day job,” he added.
He also applauded India’s fintech and startup achievements and touched upon government initiatives such as Jan Dhan Yojana, direct benefit transfer and digital payments. He said there has been a six-times increase in fintech investments in India in the last 10 years to $31 billion.