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The Prime Minister said that fully digital banks, without any physical branch offices, are already a reality and may become commonplace in less than a decade.

Prime Minister Narendra Modi on Friday said India's digital public infrastructure solutions can improve the lives of citizens around the world.

Speaking at the InFinity Forum organised by Bloomberg and IFSCA, he said via video link: "We believe in sharing our experiences and expertise with the world and learning from them as well."


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"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'."

According to the Prime Minister, India has proved to the world that it is second to none when it comes to adopting technology or innovating around it.

Also Read : Payment Modernization

"Transformational initiatives under Digital India have opened doors for innovative Fintech solutions to be applied in governance.

PM Modi cited successes achieved with 'Jan Dhan' Accounts, 'Rupay', 'FastTag', and other such initiatives taken by the Centre. He mentioned that last year, in India, mobile payments exceeded ATM cash withdrawals for the first time.

The Prime Minister said that fully digital banks, without any physical branch offices, are already a reality and may become commonplace in less than a decade.

In India, mobile payments exceeded ATM cash withdrawals for the first time.Unsplash


Besides, he said the time has come to convert these "FinTech initiatives into a FinTech revolution". "A revolution that helps to achieve financial empowerment of every single citizen of the country."

Furthermore, he emphasized on FinTech security. "Common Indian has shown immense trust in our FinTech ecosystem by embracing digital payments and such technologies," he said.

"This trust is a responsibility. Trust means that you need to ensure that the interests of the people are secured."

In addition, PM Modi said 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 Indians, but for the world," he added. (IANS/SP)


(Keywords : digital, India, prime minister, Narendra Modi, finances, digital payments, technology)


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