India’s Fintech Revolution: Transforming Financial Services Under Modi’s Government

Prime Minister Narendra Modi emphasized the Indian government's efforts to promote the fintech sector at the Global Fintech Fest 2024. Highlighting over USD 31 billion in investments and the abolition of the Angel Tax, Modi pointed to fintech’s role in democratizing financial services and bridging urban-rural gaps.

Prime Minister Narendra Modi highlighted the government's policy measures to boost the fintech sector, which has attracted over USD 31 billion in investments in the past decade, at the Global Fintech Fest 2024. The abolition of the Angel Tax is a significant step towards the growth of this segment.

Modi urged regulators to take further steps to prevent cyber frauds and increase digital literacy among citizens. He commended the fintech sector for democratizing financial services, improving the quality of life, and its unmatched adoption speed and scale in India.

The Prime Minister noted the fintech sector's vast transformation and social impact, bridging the urban-rural gap and denting the parallel economy. RBI Governor Shaktikanta Das lauded digital technologies for enhancing financial inclusion and efficiency. The collaboration between policymakers, regulators, and innovators has positioned India as a global leader in digital payments.

(With inputs from agencies.)