Prime Minister Narendra Modi stated today that Bharats fintech revolution is widespread for one to witness right from the moment of their arrival at the airport to street food and shopping experience. In the last 10 years, the industry has received a record investment of more than 31 billion USD along with witnessing a startup growth of 500 percent, he underlined, highlighting affordable mobile phones, inexpensive data and Jan Dhan Bank accounts starting with zero balance for bringing in a revolution. He also noted that the total number of broadband users in the country has increased from 60 million to 940 million. Today, more than 530 million people in the country have Jhan Dhan accounts. In a way we have connected a population equivalent to that of the entire European Union to banks in just 10 years. The Prime Minister underlined that the trinity of Jan Dhan, Aadhaar and Mobile have broken down the mentality of Cash is King and made way for approximately half of the digital transactions in the world taking place in India. Indias UPI has become a major example of Fintech in the world the Prime Minister said adding that it has enabled 27 X 7 banking services in every village and city in all weather conditions. Recalling the Covid pandemic, the Prime Minister said that India was one of the handful of nations in the world where the banking system remained uninterrupted.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content