look news india
Prime Minister Narendra Modi on Friday attended the Global Fintech Fest at Jio World Convention Centre in Mumbai. Meanwhile, in a televised address, he said that the world is amazed to see India's diversity in fintech. There was a time when people were amazed to see our cultural diversity.
Now people are also surprised by our fintech diversity. From landing at the airport to street food and shopping, India's fintech revolution is everywhere. Earlier in Parliament, some MPs were asking that there are not enough bank branches in the country, banks are not available in villages, internet service is not available, then how will the fintech revolution come? They used to ask the same to a Chawli like me. Now in a decade, broadband users have increased from 6 crores to 94 crores. The Prime Minister said that India's fintech revolution is improving financial inclusion as well as promoting innovation. India's UPI service has become a great example of fintech across the world. Today, be it a village or a city, winter or summer, rain or snowfall, banking services in India are available 24 hours a day, seven days a week.
Jan Dhan accounts create new opportunities for savings and investment
Prime Minister Modi also said that just two-three days ago, the Jan Dhan Yojana has completed 10 years. These Jan Dhan departments have become a big medium of women empowerment. Under this scheme, bank accounts of more than 29 crore women have been opened. The Jan Dhan department has created new opportunities for savings and investment for women. We have launched the Mudra Yojana, the biggest microfinance scheme based on Jan Dhan accounts. 70 percent of the beneficiaries of this scheme are women. The Jan Dhan department has also linked women self-help groups to banking.
We brought transparency through digital technology
The Prime Minister said that we have brought transparency to India through digital technology. Today, direct benefit transfer is done under many government schemes. Leakage from the system has stopped. People see the benefit in joining the formal system. The change brought about by FinTech is not limited to technology. Its social implications are far-reaching. It has also helped in bridging the gap between villages and cities.