‘Understand concerns…’: PM Modi at Global Fintech Fest urges regulators to combat cyber frauds, boost digital literacy

Prime Minister Narendra Modi on August 30 addressed the Global Fintech Fest 2024 at the Jio World Convention Centre in Mumbai. During the Global Fintech Fest 2024, the Prime Minister urged regulators to intensify efforts to combat cyber fraud and to enhance digital literacy among the public.

Here are top highlights from PM Modi's address

1. The Prime Minister acknowledged concerns about AI misuse. He said, “I also understand your concerns related to misuse of AI. That is why India has also called for creating a global framework for the ethical use of AI. The government is making every necessary change at the policy level to help the FinTech sector. Recently we have removed the angel tax…”

2. PM Modi highlighted the progress made in India through digital technology, noting that transparency has improved significantly. "You have also seen how we have brought transparency in India through digital technology. Today, direct benefit transfer is done under hundreds of government schemes. This has eliminated leakage from the system.

3. He added that the transformation brought about by the fintech sector in India is not just limited to technology, but its social impact is far-reaching. "The transformation that has come in India due to Fintech is not limited to technology alone. Its social impact is very wide. This has helped in bridging the gap between villages and cities."

4. The Prime Minister spoke about the Jan Dhan accounts and said, "Jan Dhan accounts have joined the women's Self Help Groups to banking. 10 crore rural women are reaping its benefits. Jan Dhan's program has laid a strong foundation for women's financial empowerment."

5. During his address, PM Modi remarked on past concerns about insufficient bank branches, lack of banking access in villages, and limited internet services. "...People in Parliament used to ask that there are not enough branches in the country, banks are not available in the villages, internet services are not available...How will there be a Fintech revolution?... Within a decade broadband users increased from 60 million to 940 million..."

6. At the Global Fintech Fest (GFF), PM Modi said, "There was a time when people used to get amazed by our cultural diversity. Now, people come to India, and are astonished by our fintech diversity too! From landing at the airport to experiencing street food and shopping, India's fintech revolution is visible everywhere."

7. At the Global Fintech Fest (GFF), he added, "...It is the festive season in India, there is also festivity in economy and markets"

(With inputs from PTI)