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Hailing Bharat\u2019s fintech innovation, the Prime Minister said, \u201cEarlier foreign guests visiting India used to be amazed by its cultural diversity, now they are amazed by its fintech diversity as well.\u201d PM Modi held that Bharat\u2019s fintech revolution is widespread for one to witness right from the moment of their arrival at the airport to street food and shopping experience. \u201cIn the last 10 years, the industry has received a record investment of more than 31 billion USD along with witnessing a startup growth of 500 percent,\u201d he underlined, highlighting affordable mobile phones, inexpensive data and Jan Dhan Bank accounts starting with zero balance for bringing in a revolution. \u201cToday, the total number of broadband users in the country has increased from 60 million to 940 million,\u201d PM Modi said, further highlighting that there is hardly any 18-year-old in the country without an Aadhaar, a digital identification. \u201cToday, more than 530 million people in the country have Jhan Dhan accounts. In a way we have connected a population equivalent to that of the entire European Union to banks in just 10 years,\u201d he added.<\/p>\n\n\n\n
The Prime Minister underlined that the trinity of Jan Dhan, Aadhaar and Mobile have broken down the mentality of \u2018Cash is King\u2019 and made way for approximately half of the digital transactions in the world taking place in India. \u201cIndia\u2019s UPI has become a major example of Fintech in the world\u201d the Prime Minister said adding that it has enabled 27 X 7 banking services in every village and city in all weather conditions. Recalling the Covid pandemic, the Prime Minister said that India was one of the handful of nations in the world where the banking system remained uninterrupted.<\/p>\n\n\n\n
The Prime Minister highlighted the 10th anniversary of Jan Dhan Yojna a few days ago and said that it has become a huge medium for women empowerment. He informed that more than 29 crore bank accounts have been set up for women so far opening up new opportunities for savings and investments. He further added that the largest microfinance scheme, Mudra Yojna, was launched on the philosophy of Jan Dhan accounts and has disbursed a credit of Rs 27 trillion so far. \u201c70 percent of the beneficiaries of this scheme are women\u201d, PM Modi informed. He further explained that Jan Dhan accounts are also used in connecting self-help groups with the banking system and have benefited 10 crore rural women. \u201cJan Dhan Program has laid strong foundations of financial empowerment of women\u201d, PM Modi remarked.<\/p>\n\n\n\n
Cautioning about the dangers of a parallel economy for the world, the Prime Minister remarked that Fintech has played an impactful role in denting such a system and credited the emergence of transparency. He said that digital technology has introduced transparency in India and gave the example of the implementation of Direct Benefit Transfer used in hundreds of government schemes that has prevented leakages in the system. \u201cToday, people can see the benefits of aligning with the formal banking system\u201d, the Prime Minister reiterated.<\/p>\n\n\n\n