Modi also highlighted the success of the no-frills account initiative, which has seen as many as 290 million accounts opened over the past decade, providing people with opportunities for financial savings and investments.
Another tech-driven initiative launched during the lockdown, the Mudra loan scheme, has so far disbursed a whopping Rs 27 trillion in credit. Modi noted that 70% of the beneficiaries, amounting to over 100 million women, have benefited from this scheme.
Fintech is playing a significant role in making a positive social impact, the prime minister said, citing the benefits small businesses are reaping by onboarding themselves onto the ONDC platform.
However, Modi also urged fintech players to minimize the impact of cyber frauds on the public and to help increase digital literacy. “The benefit of such innovations is that fintech growth is not impacted,” he added.
Modi further stressed the importance of timely fraud detection, stating, “Earlier, it used to take years for a fraud to come out in the open, but today if there is a whiff of a fraud in a company, within minutes that company will be history.”
Concluding his address at the fifth summit, Modi expressed confidence in the future of the fintech sector, saying, “I am so confident of you techies that I can tell you your best is yet to come, and that I want to come to your tenth summit.”