Transformational initiatives under Digital India opened doors for innovative Fintech solutions: PM Modi

"Transformational initiatives under digital India have opened doors for innovative FinTech solutions to be applied in governance," said PM Modi.

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New Delhi: Prime Minister Narendra Modi inaugurated the InFinity Forum, a thought leadership Forum on FinTech, on Friday (December 3, 2021) at 10 am via video conferencing. The prime minister said that ​​transformational initiatives under digital India have opened doors for innovative FinTech solutions to be applied in governance. 

Prime Minister, in his keynote address, mentioned that last year in India, mobile payments exceeded ATM cash withdrawals for the first time. 

Now it is time to convert these fintech initiatives into a fintech revolution. A revolution that helps to achieve financial empowerment of every single citizen of the country: PM Modi speaking at InFinity Forum — ANI (@ANI) December 3, 2021

“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,” PM Modi said.

“It is time now to convert these fintech initiatives into a fintech revolution. A revolution that helps to achieve financial empowerment of every single citizen of the country,” the prime minister said in his speech.

PM Modi also stated that fully digital banks, without any physical branch offices, are already a reality and may become commonplace in less than a decade.

"We believe in sharing our experiences and expertise with the world and learning from them as well. Our Digital Public Infrastructure solutions can improve the lives of citizens around the world," the Prime Minister said.

The event was hosted by International Financial Services Centres Authority (IFSCA), under the aegis of the Government of India in collaboration with GIFT City and Bloomberg on December 3 and 4, 2021.

Indonesia, South Africa and the UK are partner countries in the first edition of the Forum, the Prime Minister`s Office informed in a press release.

InFinity Forum will bring together the leading minds of the world in policy, business, and technology to discuss and come up with actionable insight into how technology and innovation can be leveraged by the FinTech industry for inclusive growth and serving humanity at large.

(With ANI inputs)