Fintech Revolution With Security in Digital Banking Push – PM Modi

In addition to advocating for a fintech revolution and promoting GIFT City as a center for “ideas, innovation, and investment,” Prime Minister Narendra Modi made a demand for security on Friday.

“The fintech sector has grown widely and with it a diverse customer base. This widespread acceptance of fintech has a distinctive quality. This quality is trust. By embracing digital payments and other innovations, the average Indian has demonstrated a tremendous amount of faith in our financial sector! This confidence comes with a duty. To earn someone’s trust, you must safeguard their best interests. Without innovation in fintech security, fintech innovation will fall short, he stated at the Infinity Forum, which the International Financial Services Centre Authority, the unified regulator, hosted.

One of the goals of demonetization in 2016 was to encourage the use of digital transactions and technology like UPI, and the Modi administration has been promoting these practices.

Technology is causing a significant shift in the financial industry. Mobile payments in India exceed ATM cash withdrawals for the first time last year. In less than ten years, fully digital banks with no physical branch offices may be the norm, said Modi while referring to the country’s efforts to increase financial inclusion through technology.

He urged for the usage of Indian products around the world, such as UPI, and stated that inexpensive solutions were feasible. The project GIFT City, which houses the international financial hub, can provide the best financial services globally, according to the PM.

The fintech revolution has been driven by financial inclusivity. Four pillars—income, investments, insurance, and institutional credit—support the fintech industry. Investments become possible when income increases.