Sunday, January 16, 2022
HomenationalPrime Minister Narendra Modi said - digital banks are reality today, in...

Prime Minister Narendra Modi said – digital banks are reality today, in a decade it will be common

New Delhi: Prime Minister Narendra Modi stressed the importance of turning FinTech efforts into a Fintech revolution to serve the masses with a low cost and reliable payment system. He mentioned in the Infinity Forum that technology is driving a big change in finance, adding that mobile payments surpassed ATM withdrawals last year.

Modi said, “India has shown the rest of the world that it is unmatched in terms of technology adoption and innovation. Digital India’s transformational initiatives have paved the way for using creative fintech solutions in governance.” He believes that fully digital banks with no physical branch offices are already a reality and will become widespread in less than a decade. The Prime Minister remarked, “Now is the time to turn these fintech projects into a fintech revolution… a revolution that enables every citizen of the country to achieve financial empowerment.”

There are considerations that need to be addressed as the fintech business expands, he said, adding that the fintech industry has grown massively, encompassing customers from all walks of life. “There is a different aspect to this widespread acceptance of fintech. That feature is trust,” he said.

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