“Half of the world’s real-time digital transactions happen in India”

Namaskar!

RBI Governor Shri Shaktikanta Das ji, Shri Kris Gopalakrishnan, esteemed members of the regulatory bodies, distinguished leaders of the finance industry, my friends from the Fintech and start-up sectors, and all other dignitaries, ladies and gentlemen!

Bharat is currently in the midst of the festive season, having just celebrated Janmashtami. The joy is palpable, with a festive spirit evident in both our economy and our markets. It is in this celebratory atmosphere that we are hosting the Global Fintech Festival, and what better place for such an event than the city of dreams, Mumbai? I extend my warmest greetings and welcome to all the guests who have travelled here from across the country and the world. Prior to arriving here, I had the opportunity to visit various exhibitions and engage with numerous friends. There, I witnessed a whole new world of innovation led by our youth, brimming with future possibilities. To align with your work, let me rephrase: a whole new world is indeed emerging. I congratulate the organizers of this festival and everyone involved.

Friends,

We also have a significant number of international guests among us. There was a time when visitors to Bharat were awestruck by our rich cultural diversity. Now, when people come to Bharat, they are equally amazed by our Fintech diversity. From the moment they land at the airport to their experiences with street food and shopping, the Fintech revolution in Bharat is apparent everywhere.

Over the past 10 years, more than 31 billion dollars have been invested in the Fintech sector. In the same period, our Fintech startups have increased by 500 per cent. Affordable mobile phones, low-cost data, and zero-balance Jan Dhan bank accounts have worked wonders in Bharat. Some of you may recall that, not so long ago, there were sceptics who questioned how a Fintech revolution could possibly occur in Bharat. They asked, even in Parliament, and these were people who considered themselves highly knowledgeable. They questioned how this revolution could happen when there weren’t enough banks or branches in every village, when internet access was limited, and when electricity supply was unreliable, leading them to wonder where people would even recharge their devices and how the Fintech revolution would happen? These questions were directed at me. But look at where we are today. In just a decade, broadband users in Bharat have increased from 60 million or 6 crore to 940 million or 94 crore. Today, it is rare to find an Indian adult without a digital identity, an Aadhaar card. Furthermore, over 530 million people now have Jan Dhan bank accounts. This means that, in the span of 10 years, we have connected a population equivalent to that of the entire European Union to the banking system.

Friends,

The trinity of Jan Dhan, Aadhaar, and Mobile has catalyzed yet another transformation. There was a time when people believed that ‘Cash is King.’ Today, nearly half of the world’s real-time digital transactions occur in Bharat. Bharat’s UPI has become a shining example of Fintech innovation globally. Whether in a village or a city, whether in the sweltering heat of summer or the chill of winter, come rain or snow, banking services in Bharat operate 24 hours a day, seven days a week, 12 months a year. Even during the severe crisis of the COVID-19 pandemic, Bharat stood among the few countries where banking services continued uninterrupted.

Friends,

Just a few days ago, the Jan Dhan Yojana marked its 10th anniversary. The Jan Dhan Yojana has emerged as a powerful tool for women’s empowerment. Thanks to this scheme, more than 290 million or 29 crore women have opened bank accounts, creating new avenues for savings and investments. Building on the philosophy of these Jan Dhan accounts, we launched the largest microfinance scheme, Mudra. To date, over Rs 27 trillion in credit have been disbursed through this scheme, with approximately 70 per cent of the beneficiaries being women. The Jan Dhan accounts have also integrated women’s self-help groups into the banking system. Today, 10 crore rural women across the country are reaping the benefits. Thus, the Jan Dhan programme has laid a solid foundation for the financial empowerment of women.

Friends,

The parallel economy has long been a significant concern worldwide. Fintech has played a crucial role in combating the parallel economy, and you deserve to be congratulated for this achievement. We have witnessed how digital technology has brought transparency to Bharat. Today, direct benefit transfers are made under hundreds of government schemes, effectively eliminating leakage from the system. People now recognize the value of participating in the formal economy.

Friends,

The transformation brought about in Bharat by FinTech extends far beyond technology; its social impact is vast. It is helping to bridge the gap between rural and urban areas. In the past, accessing banking services could take an entire day, posing a significant challenge for farmers, fishermen, and middle-class families. FinTech has resolved this issue. Previously, banks were confined to physical buildings; today, they are accessible on the mobile devices of every Indian.

Friends,

FinTech has also played a significant role in democratizing financial services. Products such as loans, credit cards, investments, and insurance are becoming increasingly accessible to everyone. FinTech has made access to credit easier and more inclusive. Let me provide an example. In Bharat, there is a long-standing tradition of street vendors, but they were previously excluded from formal banking. FinTech has changed this situation. Today, these vendors can obtain collateral-free loans through the PM SVANidhi Yojana, and based on their digital transaction records, they can secure additional loans to grow their businesses. In the past, investing in shares and mutual funds was primarily limited to major cities. Now, even those in villages and small towns are increasingly exploring these investment opportunities. Today, demat accounts can be opened from home within minutes, and investment reports are readily available online. A large number of Indians now access remote healthcare services, study online, and learn new skills digitally—none of which would have been possible without FinTech. In essence, Bharat’s FinTech revolution is playing a crucial role in enhancing both the Dignity of Life and Quality of Life.

Friends,

The success of Bharat’s FinTech revolution is not only a result of innovation but also of widespread adoption. The speed and scale at which the people of Bharat have embraced FinTech are unparalleled. Much of the credit for this goes to our Digital Public Infrastructure (DPI) and our FinTechs. Remarkable innovations have been made in the country to build trust in this technology. The use of sound boxes alongside QR codes is one such innovation. Our FinTech sector should also study the government’s Bank Sakhi programme. I would like to share a story with the FinTech youth: During a visit to Jalgaon, I met some of these Bank Sakhis. One of them proudly told me that she conducts business worth Rs 1.5 crore every day. What confidence—and she was a woman from a village! The way our daughters have spread banking and digital awareness in every village has opened up new markets for FinTech.

Friends,

The world of the 21st century is evolving at an unprecedented pace. The journey from traditional currency to QR codes took centuries, but today we witness new innovations almost daily. Concepts like Digital-Only Banks and Neo-Banking are now emerging. Technologies such as Digital Twins are advancing data-driven banking to new heights, revolutionizing everything from risk management and fraud detection to customer experience. I am pleased to see that Bharat is consistently launching new FinTech products. We are developing solutions that, while locally designed, have global applications. For instance, the Open Network for Digital Commerce (ONDC) is making online shopping more inclusive by connecting small businesses and enterprises with significant opportunities. Account aggregators are leveraging data to simplify tasks for individuals and companies. The Trades Platform is enhancing liquidity and cash flow for small organizations. E-Rupi has emerged as a versatile digital voucher, used in various ways. These Indian innovations hold immense value for other countries as well. With this in mind, during our G-20 Presidency, we proposed the creation of a Global Digital Public Infrastructure Repository, a suggestion that was warmly embraced by G-20 members. I also understand the concerns regarding the misuse of AI, which is why Bharat has advocated for the establishment of a Global Framework for the ethical use of AI.

Friends,

To support the FinTech sector, the government is making all necessary policy adjustments. Recently, we abolished the Angel Tax—wasn’t that the right decision? We have also announced the creation of a Rs 1 lakh crore fund to promote research and innovation in the country. Additionally, we have enacted a data protection law. However, I also have some expectations from our regulators. We must take more significant steps to prevent cyber fraud and enhance digital literacy. It is equally crucial to ensure that cyber fraud does not become a barrier to the growth of start-ups and FinTechs.

Friends,

In the past, it used to take 5-7 days for news to spread about a bank being on the verge of collapse, leading to eventual repercussions. Today, if any system detects cyber fraud, the consequences are immediate—the affected company can be finished in minutes. This is especially critical for FinTech. Moreover, cyber solutions have a short lifespan. No matter how advanced a cyber solution may be, it doesn’t take long for dishonest individuals to breach it, leading to its premature obsolescence. Therefore, it is imperative to continually develop new solutions.

Friends,

Today, sustainable economic growth is a top priority for Bharat. We are committed to building robust, transparent, and efficient systems. We are enhancing our financial markets with advanced technologies and regulatory frameworks, while also supporting sustainable growth through Green Finance. Our focus is on financial inclusion and achieving comprehensive saturation in this area. I am confident that Bharat’s FinTech ecosystem will play a crucial role in our mission to provide a high-quality lifestyle to the people of Bharat. I am equally confident that Bharat’s FinTech ecosystem will contribute to improving the ease of living across the globe. My trust in the talent of our youth is immense, and I say this with great conviction—our best is yet to come.

This is your fifth event, correct? So, I look forward to attending the tenth one as well. You may not have envisioned reaching such heights, but you will, friends. Today, I had the opportunity to meet with some of your start-up teams. While I couldn’t meet everyone, I did interact with a few individuals. I assigned each of them 10 tasks because I recognize the immense potential of this sector—it is poised to bring about significant change, friends. A major revolution is underway, and we can already see its strong foundation being laid here. With this confidence, I extend my best wishes to all of you. Thank you very much!

We took this photo at the request of Shri Krishna Gopal, and you might be wondering about its significance. Let me explain the benefit—I am someone who is connected to the world of AI. If you go to the Namo app, navigate to the photo division, and save your selfie there, you will find that wherever you appear with me today, you will be able to access that photo.

Thank you!