Modi Highlights India's Fintech Globalization Efforts

Prime Minister Narendra Modi, speaking at the Global Fintech Fest 2024, highlighted India's significant strides in the fintech sector, emphasizing its role in democratizing financial services and bridging the urban-rural divide. He praised the adoption of technologies like UPI and Jan Dhan accounts, which have enhanced financial inclusion and transparency, attracting over $31 billion in investments over the past decade. Modi also noted the social impact of fintech, including women's empowerment and the rapid increase in digital literacy. Meanwhile, RBI Governor Shaktikanta Das announced efforts to make UPI and RuPay global, citing successful collaborations with multiple countries to facilitate cross-border payments. Das stressed the need for a balance between innovation and regulation to ensure trust and security in the fintech ecosystem. Both leaders underscored India's potential to become a global hub for digital innovation and fintech startups.