Fintech revolution needed for financial empowerment: PM
Hindustan Times|December 04, 2021
Prime Minister Narendra Modi on Friday called for a "fintech revolution" to achieve financial empowerment of every single citizen, and said the country has made significant progress in this area because of people's trust in the Indian digital ecosystem.
Rajeev Jayaswal

NEW DELHI: Prime Minister Narendra Modi on Friday called for a "fintech revolution" to achieve financial empowerment of every single citizen, and said the country has made significant progress in this area because of people's trust in the Indian digital ecosystem.

"Financial inclusion is the driver of the fintech revolution," Modi said, adding that fintech rests on the four pillars of income, investments, insurance and institutional credit.

The Prime Minister was virtually addressing the InFinity Forum, a financial technology event of the International Financial Services Centres Authority (IFSCA), when he made the remarks.

Modi said that when income grows, investment becomes possible, and insurance coverage allows for greater risk-taking and investments. He added that institutional credit gives wings for expansion and pointed out that India has worked on each of these pillars.

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