India’s fintech ecosystem would play a significant role in helping enhance the quality of life for people worldwide, Prime Minister Narendra Modi said while addressing Global Fintech Fest (GFF) 2024 in Mumbai. He said Fintech had played a significant role in democratising financial services in the country.

“I am confident that India’s Fintech ecosystem will enhance the ease of living of the entire world. Our best is yet to come”, Mr. Modi said.

He said India’s fintech revolution was not just about innovation, but also about adoption. Applauding the country’s people for adopting the speed and scale of this revolution, he emphasised the role of Digital Public Infrastructure (DPI) for bringing in this transformation. 

“India’s UPI has become a major example of Fintech in the world” he said, adding that “it has enabled 24 X 7 banking services in every village and city in all weather conditions.”

Cautioning against the dangers of a parallel economy, Mr. Modi asserted that fintech had played an impactful role in bringing in transparency.