Full text of PM Modi’s speech at InFinity Forum
New Delhi, Dec 03: Prime Minister Narendra Modi inaugurated InFinity Forum, a thought leadership Forum on FinTech through video conference.
Here is the full text of Prime Minister Narendra Modi's speech:
I
am
delighted
to
inaugurate
the
first
'Infinity
Forum' and
welcome
you
all.
'Infinity
Forum'
represents
the
immense
possibilities
that
Fintech
has
in
India.
It
also
shows
the
huge
potential
for
India's
Fintech
to
provide
benefits
to
the
entire
world.
Friends,
The
history
of
currency
shows
tremendous
evolution.
As
humans
evolved,
so
did
the
form
of
our
transactions.
From
barter
system
to
metals,
from
coins
to
notes,
from
cheques
to
cards,
today
we
have
reached
here.
Earlier
developments
used
to
take
decades
to
spread
across
the
world
but
not
any
more
in
this
era
of
globalisation
.Technology
is
bringing
a
big
shift
in
the
world
of
finance.
Last
year,
in
India,
mobile
payments
exceeded
ATM
cash
withdrawals
for
the
first
time.
Fully
digital
banks,
without
any
physical
branch
offices,
are
already
a
reality
and
may
become
common-place
in
less
than
a
decade.
Friends,
India has proved to the world that it is second to none when it comes to adopting technology or innovating around it. Transformational initiatives under Digital India have opened doors for Fintech innovations to be applied in governance. Technology has also catalyzed financial inclusion. From less than 50% Indians having bank accounts in 2014, we have almost universalized it with 430 million Jan Dhan accounts in the last 7 years. So far, 690 million RuPay cards have been issued. RuPay cards clocked 1.3 billion transactions last year. UPI processed around 4.2 billion transactions in just last month.
Almost
300
million
invoices
are
uploaded
on
the
GST
portal
every
month.
More
than
12
billion
US
dollars
worth
payment
is
done
through
the
GST
portal
alone
every
month.
Despite
the
pandemic,
about
1.5
million
railway
tickets
get
booked
online
everyday.
Last
year,
FASTag
processed
1.3
billion
seamless
transactions.
PM
Svanidhi
is
enabling
access
to
credit
for
small
vendors
across
the
country.
e-RUPI
has
enabled
targeted
delivery
of
specified
services
without
leakages;
I
can
go
on
and
on,
but
these
are
just
a
few
examples
of
the
scale
&
scope
of
Fintech
in
India.
Friends,
Financial inclusion is the driver of Fintech Revolution. Fintech is resting on 4 pillars; income, investments, insurance, and institutional credit. When income grows, investment becomes possible.
Insurance
coverage
enables
greater
risk
taking
ability
and
investments.
Institutional
credit
gives
wings
for
expansion.
And
we
have
worked
on
each
of
these
pillars.
When
all
these
factors
come
together,
you
suddenly
find
so
many
more
people
participating
in
the
financial
sector.
The
large
base
becomes
the
perfect
springboard
for
Fintech
innovations.
Fintech
industry
in
India
is
innovating
to
enhance
access
to
finance
and
the
formal
credit
system
to
every
person
in
the
country.
Now
it
is
time
to
convert
these
fintech
initiatives
into
a
fintech
revolution.
A
revolution
that
helps
to
achieve
financial
empowerment
of
every
single
citizen
of
the
country.
Friends,
As we see the widening reach of fintech, there are considerations that need attention. Fintech industry has achieved huge scale, and scale means people from all walks of life as customers. This fintech acceptability among the masses has a unique feature. That feature is trust. The common Indian has shown immense trust in our Fintech ecosystem by embracing digital payments and such technologies!
This
trust
is
a
responsibility.
Trust
means
that
you
need
to
ensure
that
the
interests
of
people
are
secured.
Fintech
innovation
will
be
incomplete
without
fintech
security
innovation.
Friends,
We
believe
in
sharing
our
experiences
and
expertise
with
the
world
and
learning
from
them
as
well.
Our
Digital
Public
Infrastructure
solutions
can
improve
the
lives
of
people
around
the
world.
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'.
Friends,
GIFT City is not merely a premise, It represents the promise of India. It represents India's democratic values, demand, demography & diversity. It represents India's openness to ideas, innovation & investment. GIFT City is a gateway to the global fintech world. (IFSC) at GIFT City was born out of the vision 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
India
but
for
the
World.
Friends,
Finance is the life blood of an economy and technology is its carrier. Both are equally important for achieving ''Antyodaya and Sarvodaya''. Our flagship Infinity Forum is part of our endeavor to bring together all key stakeholders of the global Fintech Industry to explore the limitless future of the industry. I remember the conversation I had with Mr Mike Bloomberg on this subject when we last met.
And I thank the Bloomberg group for their support. Infinity forum is a forum of belief, belief in the spirit of innovation and the power of imagination. Belief in the energy of youth and their passion for change. Belief in making the world a better place. Let us together, explore and advance innovative ideas in Fintech to solve the most pressing issues emerging globally.