Prime Minister Narendra Modi said on Friday that the government is taking policy steps to promote the fintech sector, which has attracted investments of over $31 billion in the last 10 years. Abolishing angel tax is also a big step to promote this sector. PM Modi was addressing a program on the fintech sector.
Speaking at the Global Fintech Fest 2024 in Mumbai, the Prime Minister asked regulators to take more measures to prevent cyber fraud and further promote digital education among people. He said that Fintech has played an important role in the freedom of financial services and expressed confidence that it will help improve the quality of life of Indians.
Fintech is bridging the gap
PM Narendra Modi emphasized that Indians have adopted FinTech rapidly and on a large scale and there is no such example anywhere else in the world. He said that the change brought by the FinTech sector in India is not limited to technology alone, but its social impact is far-reaching. He also emphasized that FinTech is bridging the gap between villages and cities on the financial services front.
Investment of more than $ 31 billion
The Prime Minister also said that in the last 10 years, the FinTech sector has attracted investments of over $31 billion and there has been a 500 percent growth in FinTech startups. He said that it is the festive season in India, there is a festive mood in the economy and markets as well, which is a clear example of strong GDP growth and capital markets reaching new heights.
Loans given exceeded Rs 27 lakh crore
He said that loans worth more than Rs 27 lakh crore have been disbursed under the Pradhan Mantri Mudra Yojana, which is the world’s largest microfinance scheme. Speaking at the event, RBI Governor Shaktikanta Das said that digital technology has played an important role in expanding finance, improving quality and enabling real-time services in the country.
RBI helped in increasing new business
Das said that today India stands as a global leader in digital payments, this achievement has been achieved by combining active policy making with innovation and technological advancement. He said that the regulatory framework of the Reserve Bank has helped new businesses to grow in an orderly manner. He said that these regulatory initiatives reflect our commitment to support innovation with prudence.
Source (PTI) (NDTV) (HINDUSTANTIMES)