1 day ago
Modi Calls for Broader, Safer Fintech Growth Beyond Payments
Prime Minister Narendra Modi spoke to people in India’s fintech industry.
He said fintech companies should do more than help people make payments.
They should also help people get loans, insurance, savings tools, investments and pensions.
Modi praised UPI, which has been used for billions of transactions and recently completed 10 years.
He said technology can help small businesses and street vendors access formal financial services.
He also asked companies to make cybersecurity very strong.
Modi proposed a scorecard called the Fintech Consumer Protection Index to show how well companies protect customers.
He said new technologies such as artificial intelligence, tokenisation and quantum technology could create more opportunities.
Modi also said India’s economy grew 7.8% during a difficult period for the world.
Prime Minister Narendra Modi urged India’s fintech industry to expand beyond payments into credit, insurance, savings, investments and pensions.
Modi said UPI processed more than 2,400 crore transactions in August and completed 10 years on August 25.
He proposed a Fintech Consumer Protection Index to transparently rate companies and called for stronger cybersecurity.
Modi highlighted PM SVANidhi’s role in bringing street vendors into formal finance, saying their average annual income rose 20%.
He said India grew 7.8% in the April-June quarter despite global conflicts, uncertainty and pressure on energy and supply chains.
- Who
- Prime Minister Narendra Modi and India’s fintech industry.
- What
- Modi called for fintech expansion beyond payments, stronger cybersecurity and a Fintech Consumer Protection Index.
- Where
- At the Global Fintech Fest in India.
- When
- At the Global Fintech Fest 2026; UPI completed 10 years on August 25, and more than 2,400 crore UPI transactions were recorded in August.
- Why
- To widen access to financial services, protect consumers, support smaller businesses and strengthen India’s next phase of digital growth.
Key facts
- Event
- Global Fintech Fest 2026
- UPI milestone
- The digital payments platform completed 10 years on August 25.
- UPI activity
- More than 2,400 crore transactions were made through UPI in August.
- Proposed measure
- A Fintech Consumer Protection Index to transparently rate fintech companies.
- PM SVANidhi impact
- Studies cited by Modi said street vendors’ average annual income increased by 20%.
- Scheme extension
- PM SVANidhi has been extended until 2030.
- Economic growth
- India grew 7.8% in the April-June quarter.
- Sovereign rating
- A Japanese credit rating agency recently upgraded India’s sovereign rating to A, according to Modi.
Quotes
Narendra Modi
Prime Minister of India
“We have shown speed and scale in payments. We need to show speed and scale in non-payment share of fintech.”
CNBC TV 18
“UPI is in many countries today but this is only the first step.”
CNBC TV 18
Sources
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