During Mann Ki Baat, Prime Minister Modi expressed deepest respect, for the sentiment displayed by 130 crore Indians in the fight against COVID-19 pandemic. PM Modi said that to facilitate the selfless endeavour of people towards our country, the government has come up with a digital platform - covidwarriors.gov.in.
Through the covidwarriors.gov.in, the government has linked volunteers of social organisations, representatives of civil society and local administration with each other. As many as 1.25 crore people are already a part of this portal. They comprise doctors, nurses, ASHA-ANM workers, NCC and NSS cadets and professionals from myriad fields. Urging more and more people to volunteer, PM Modi said, “These people are of immense help at the local level in preparing Crisis Management Plans and implementing them. You too can join covidwarriors.gov.in to be a Covid warrior and serve the country.”
फिनटेक इनिशिएटिव को फिनटेक क्रांति में बदलने का समय आ गया है: पीएम मोदी
December 03, 2021
“पिछले वर्ष पहली बार मोबाइल द्वारा भुगतान एटीएम नकद निकासी से अधिक हुआ”
“डिजिटल इंडिया के तहत परिवर्तनशील पहलों ने शासन में लागू करने के लिये अभिनव फिन-टेक समाधानों के लिये द्वार खोल दिये हैं”
“अब वक्त आ गया है कि इन फिन-टेक पहलों को फिन-टेक क्रांति में बदल दिया जाये; ऐसी क्रांति जो देश के प्रत्येक नागरिक के वित्तीय अधिकारिता को प्राप्त करने में मददगार हो”
“भरोसे का मतलब है कि आप यह सुनिश्चित करें कि लोगों के हित सुरक्षित हैं। फिन-टेक सुरक्षा नवाचार के बिना फिन-टेक नवाचार अधूरा रहेगा”
“हमारे डिजिटल लोक अवसंरचना समाधान दुनिया भर के लोगों का जीवन सुधार सकते हैं”
“गिफ्ट-सिटी महज़ एक प्रांगण नहीं है, बल्कि वह भारत का प्रतिनिधित्व करता है। वह भारत के लोकतांत्रिक मूल्यों, मांग, विभिन्न जन-समुदायों और विविधता का प्रतिनिधित्व करता है। वह विचारों, नवाचार और निवेश के प्रति भारत के खुलेपन का प्रतिनिधित्व करता है”
“अर्थव्यवस्था के लिये वित्त जीवनदायिनी रक्त है और प्रौद्योगिकी उसकी धमनी। दोनों अंत्योदय की प्राप्ति के लिये समान रूप से महत्त्वपूर्ण हैं”
My fellow citizens from the Tech and Finance world, Tens of thousands of Participants from over 70 countries,
I am delighted to inaugurate the first 'Infinity Forum' and welcome you all. 'Infinity Forum' represents the immense possibilities that Fintech has in India. It also shows the huge potential for India's Fintech to provide benefits to the entire world.
The history of currency shows tremendous evolution. As humans evolved, so did the form of our transactions. From barter system to metals, from coins to notes, from cheques to cards, today we have reached here. Earlier developments used to take decades to spread across the world but not any more in this era of globalisation .Technology is bringing a big shift in the world of finance. 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 common-place in less than a decade.
India has proved to the world that it is second to none when it comes to adopting technology or innovating around it. Transformational initiatives under Digital India have opened doors for Fintech innovations to be applied in governance. Technology has also catalyzed financial inclusion. From less than 50% Indians having bank accounts in 2014, we have almost universalized it with 430 million Jan Dhan accounts in the last 7 years. So far, 690 million RuPay cards have been issued. RuPay cards clocked 1.3 billion transactions last year. UPI processed around 4.2 billion transactions in just last month.
Almost 300 million invoices are uploaded on the GST portal every month. More than 12 billion US dollars worth payment is done through the GST portal alone every month. Despite the pandemic, about 1.5 million railway tickets get booked online everyday. Last year, FASTag processed 1.3 billion seamless transactions. PM Svanidhi is enabling access to credit for small vendors across the country. e-RUPI has enabled targeted delivery of specified services without leakages; I can go on and on, but these are just a few examples of the scale & scope of Fintech in India.
Financial inclusion is the driver of Fintech Revolution. Fintech is resting on 4 pillars; income, investments, insurance, and institutional credit. When income grows, investment becomes possible. Insurance coverage enables greater risk taking ability and investments. Institutional credit gives wings for expansion. And we have worked on each of these pillars. When all these factors come together, you suddenly find so many more people participating in the financial sector. The large base becomes the perfect springboard for Fintech innovations. Fintech industry in India is innovating to enhance access to finance and the formal credit system to every person in the country. 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.
As we see the widening reach of fintech, there are considerations that need attention. Fintech industry has achieved huge scale, and scale means people from all walks of life as customers. This fintech acceptability among the masses has a unique feature. That feature is trust. The common Indian has shown immense trust in our Fintech ecosystem by embracing digital payments and such technologies! This trust is a responsibility. Trust means that you need to ensure that the interests of people are secured. Fintech innovation will be incomplete without fintech security innovation.
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 people around the world. 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'.
GIFT City is not merely a premise, It represents the promise of India. It represents India's democratic values, demand, demography & diversity. It represents India's openness to ideas, innovation & investment. GIFT City is a gateway to the global fintech world. (IFSC) at GIFT City was born out of the vision that finance combined with technology would be an important part of India's future development. Our aim is to provide the best International Financial Services not just for India but for the World.
Finance is the life blood of an economy and technology is its carrier. Both are equally important for achieving ''Antyodaya and Sarvodaya''. Our flagship Infinity Forum is part of our endeavor to bring together all key stakeholders of the global Fintech Industry to explore the limitless future of the industry. I remember the conversation I had with Mr Mike Bloomberg on this subject when we last met. And I thank the Bloomberg group for their support. Infinity forum is a forum of belief, belief in the spirit of innovation and the power of imagination. Belief in the energy of youth and their passion for change. Belief in making the world a better place. Let us together, explore and advance innovative ideas in Fintech to solve the most pressing issues emerging globally.