'Fintech sector played a key role in democratising financial services': PM Modi's top quotes from Global Fintech Fest

Prime Minister Narendra Modi, addressing the Global Fintech Fest 2024 on Friday, August 30, commended the fintech sector for democratising financial services.

He also assured that the government is taking all steps to help the fintech sector.

Top quotes from PM Modi's address at Global Fintech Fest 2024

• "It is the festive season in India; there is also festivity in the economy and markets."
• "In the last ten years, more than USD 31 billion has been invested in fintech space, and fintech startups have grown by 500%."
• "Loans worth over ₹27 lakh crore disbursed under Pradhan Mantri MUDRA Yojana, world's largest microfinance scheme."
• "The Fintech sector has played an important role in making financial services democratic, made access to credit easy and inclusive."
• "Half of the world’s real-time digital transactions happen in India."
• "The government is taking all steps at the policy level to help the fintech sector and has also abolished the angel tax."
• "I have certain expectations from regulators, we need to take big steps to stop cyber frauds, increase digital literacy."
• "Cheap mobiles, data, and zero balance accounts under the (Pradhan Mantri) Jan-Dhan Yojana (PMJDY) have done wonders in the nation."
• "Even during such a huge pandemic like Covid, India was among those countries where banking services were unaffected."
• "I have faith in our fintech ecosystem that it will provide quality life to Indians."
• "I am glad to see India consistently introducing innovative fintech products. Our focus is on creating products that are local, but cater to global applications and needs. The Open Network for Digital Commerce (ONDC) is a prime example, democratising online shopping, making it inclusive, and bridging the gap for small enterprises to access vast opportunities."
• "Account aggregators are using data to simplify the work of individuals and companies. Trade platforms are improving liquidity and cash flow for small organisations. e-RUPI has become a significant digital voucher, being used in various forms. These Indian products are just as useful for other countries as they are for us. With this mindset, we proposed the creation of a Global Digital Public Infrastructure repository during our G20 presidency."