Speaking on the InFinity Forum organised by Bloomberg and IFSCA, he stated by way of video hyperlink: “We believe in sharing our experiences and expertise with the world and learning from them as well.”
“Tools like ‘UPI’ and ‘RuPay’ provide an unparalleled opportunity for every country. An opportunity to provide a low cost and reliable ‘real time payment system’ as well as a ‘domestic card scheme’ and ‘fund remittance system’.”
According to the Prime Minister, India has proved to the world that it’s second to none on the subject of adopting know-how or innovating round it.
“Transformational initiatives under Digital India have opened doors for innovative Fintech solutions to be applied in governance.a
PM Modi cited successes achieved with ‘Jan Dhan’ Accounts, ‘Rupay’, ‘FastTag’, and other such initiatives taken by the Centre.
He mentioned that last year, in India, mobile payments exceeded ATM cash withdrawals for the first time.
The Prime Minister said that fully digital banks, without any physical branch offices, are already a reality and may become commonplace in less than a decade.
Besides, he said the time has come to convert these “FinTech initiatives right into a FinTech revolution”.
“A revolution that helps to attain monetary empowerment of each single citizen of the nation.”
Furthermore, he emphasised on FinTech security.
“Common Indian has proven immense belief in our FinTech ecosystem by embracing digital funds and such applied sciences,” he said.
“This belief is a duty. Trust signifies that it is advisable make sure that the pursuits of the individuals are secured.”
In addition, PM Modi said that finance combined with technology would be an important part of India’s future development.
“Our goal is to supply the very best worldwide monetary companies not only for Indians, however for the world,” he added.