Global Fintech Fest: Prime Minister Narendra Modi is on a visit to Maharashtra on Friday (August 30). He said at the Global Fintech Fest at Jio World Convention Center in Mumbai – I am worried about the misuse of AI. India has decided to create a global framework for the ethical use of AI
Congress is opposing this visit of Modi. Protests were held at many places in Mumbai on the issue of the fall of Shivaji’s statue in Sindhudurg. Police also detained some Congress leaders and workers.
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The Global Fintech event was held from 28 to 30 August. It was attended by more than 800 speakers and more than 80,000 participants. RBI Governor Shaktikanta Das and SEBI chief Madhavi Puri Buch also attended the event.
PM Modi will inaugurate and lay the foundation stone of several projects worth Rs 76 thousand crores at CIDCO ground in Palghar today at 1:30 pm. This also includes 218 fisheries projects worth Rs 1560 crores.
In 10 years, the number of broadband users in India has increased from 6 crores to 94 crores
Modi said that in just a decade, the number of broadband users in India has increased from 6 crores to nearly 94 crores. Today, there is hardly any Indian above 18 years of age who does not have his digital identity i.e. Aadhaar card. Today, more than 53 crore people have Jan Dhan bank accounts. That means in 10 years, we have connected a population equal to the entire European Union to the banking system.
PM said- our best is yet to come
India’s fintech ecosystem is working on providing a quality lifestyle to the people of India. I have faith in the youth. Our best is yet to come. That is, our maximum potential is yet to come.
I am concerned about the misuse of AI
PM Modi said- I understand the concerns related to misuse of AI. India has decided to create a global framework for the ethical use of AI. The government is helping the fintech sector. We have also removed some taxes. A fund of Rs 1 lakh crore has been decided to promote research and innovation.
We will have to take bigger steps to prevent cyber fraud and for digital literacy. We will have to ensure that cyber fraud does not become an obstacle for fintech. This will also have to be taken care of.
Modi said- Earlier banks were limited to one building, today they are confined to mobile
PM Modi said- Once upon a time, banks were limited to just one building. Today, banks are now present in every Indian’s mobile. This happened because of Fintech.
Fintech has democratized financial services. People are taking advantage of insurance and credit facilities.
Under the Jan Dhan Yojana, bank accounts of more than 29 crore women have been opened
Modi said- Under the Jan Dhan Yojana, bank accounts of more than 29 crore women have been opened. New opportunities for saving and investment have been created for women in these accounts. Mudra scheme has been launched through these accounts. So far, credit of 27 trillion rupees has been given through this scheme. Nearly 70 percent of the beneficiaries of this scheme are women.
Half of the world’s real time digital transactions are happening in India
While addressing the program, Modi said- In 10 years, we have connected a population equal to the population of EU to banking. People once used to say that cash is king. Today, half of the world’s real-time digital transactions happen in India. India’s UPI ID has become an example of FinTech in the whole world. Today, be it a village or a city. Whether it is winter or summer. Banking services in India run 24 hours, seven days a week, 12 months a year.
PM Modi was briefed about Global Fintech Fest
Modi welcomed at Fintech Fest
