PM Inaugurates InFinity Forum, A Thought Leadership Forum On FinTech
New Delhi, Dec 3 (TNA) Prime Minister Narendra Modi inaugurated InFinity Forum, a thought leadership Forum on FinTech through video conference. Addressing the gathering, the Prime Minister said that the history of currency shows tremendous evolution. The Prime Minister informed that last year, in India, mobile payments exceeded ATM cash withdrawals for the first time.
Fully digital banks, without any physical branch offices, are already a reality and may become commonplace in less than a decade. “As humans evolved, so did the form of our transactions. From barter system to metals, from coins to notes, from cheques to cards, today we have reached here”, he said.
The Prime Minister noted that India has proved to the world that it is second to none when it comes to adopting technology or innovating around it. Transformational initiatives under Digital India have opened doors for innovative Fintech solutions to be applied in governance.
Explaining how technology has also catalyzed financial inclusion, Modi pointed out that from less than 50% of Indians having bank accounts in 2014, India has almost universalized it with 430 million Jan Dhan accounts in the last 7 years.
He also listed initiatives like 690 million RuPay cards clocking 1.3 billion transactions last year; UPI processing around 4.2 billion transactions in just last month; almost 300 million invoices are uploaded on the GST portal every month; despite the pandemic, about 1.5 million railway tickets are getting booked online every day; last year, FASTag processed 1.3 billion seamless transactions; PM Svanidhi enabled access to credit for small vendors across the country; e-RUPI enabled targeted delivery of specified services without leakages.
The forum has participation from over 70 countries.