look news india
Mumbai: Prime Minister Narendra Modi has said that fintech has revolutionised financial services in the country by making it easier to access loans, credit cards, investments and insurance. Speaking at the Global Fintech Festival here, he said the fintech revolution has improved the quality of life of the people of India and also enhanced their dignity.
Fintech companies have made access to credit easier and wider. Investment in equity market and mutual funds was till now limited to big cities but with the advent of new age companies, it has become easier to invest in equity market and mutual funds from rural areas. The time taken to open a demat account has reduced considerably. The success of fintech is not limited to innovation alone but also in its acceptance.
The rapid pace at which FinTech is being adopted by people in India is not seen anywhere else, thanks to digital public infrastructure and FinTech companies.
In ten years, the fintech sector in the country has seen an investment of $31 billion and a growth of 500 per cent.
He also said that cheap mobile phones and zero balance Jan Dhan accounts have helped in financial inclusion. Broadband users have increased from 6 crore to 94 crore.
