On Friday, Prime Minister Narendra Modi inaugurated the InFinity Forum, a FinTech thought leadership forum. In his keynote address, Prime Minister Narendra Modi addressed that mobile payments in India overtook ATM cash withdrawals for the first time last year. He went on to say that entirely digital banks, which do not have any physical branches, are already a reality and might be widespread in less than a decade.
Modi stated in his speech that India has proven to the world that it is second to none when it comes to adopting technology or inventing around it and that transformative efforts such as Digital India have opened the door for creative Fintech solutions to be used in governance.
Modi said “We believe in sharing our experiences and expertise with the world and learning from them as well. Our Digital Public Infrastructure solutions can improve the lives of citizens around the world.”
The prime minister stated that GIFT City is more than just a building; it represents India. It expresses the democratic values, demand, demography, and variety of the country. “It symbolises India’s willingness to embrace new ideas, innovation, and investment. GIFT City serves as a portal to the global fintech community,” Modi remarked.
Under the auspices of the Government of India, the International Financial Services Centres Authority (IFSCA) is hosting the event in partnership with GIFT City and Bloomberg. In the first edition of the forum, partner countries include Indonesia, South Africa, and the UK. More than 70 countries are expected to attend the conference.
Last year, in India, mobile payments exceeded ATM cash withdrawals for the first time.
Fully digital banks, without any physical branch offices, are already a reality and may become commonplace in less than a decade: PM @narendramodi
— PMO India (@PMOIndia) December 3, 2021