Prime Minister Shri Narendra Modi inaugurated InFinity Forum, a thought leadership Forum on FinTech through video conference.
Addressing the gathering, the Prime Minister said that the history of currency shows tremendous evolution. The Prime Minister informed that 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. “As humans evolved, so did the form of our transactions. From barter system to metals, from coins to notes, from cheques to cards, today we have reached here”, he said.
The Prime Minister noted that India has proved to the world that it is second to none when it comes to adopting technology or innovating around it. Transformational initiatives under Digital India have opened doors for innovative Fintech solutions to be applied in governance.
The Prime Minister emphasized that now it is time to convert these fintech initiatives into a fintech revolution. “A revolution that helps to achieve financial empowerment of every single citizen of the country”, he said.
Explaining how technology has also catalyzed financial inclusion, Shri Modi pointed out that from less than 50% of Indians having bank accounts in 2014, India has almost universalized it with 430 million Jan Dhan accounts in the last 7 years. He also listed initiatives like 690 million RuPay cards clocking 1.3 billion transactions last year; UPI processing around 4.2 billion transactions in just last month; almost 300 million invoices are uploaded on the GST portal every month; despite the pandemic, about 1.5 million railway tickets are getting booked online every day; last year, FASTag processed 1.3 billion seamless transactions; PM Svanidhi enabled access to credit for small vendors across the country; e-RUPI enabled targeted delivery of specified services without leakages.
The Prime Minister stressed that financial inclusion is the driver of the Fintech Revolution. Explaining further, the Prime Minister said, Fintech is resting on 4 pillars: income, investments, insurance and institutional credit. “When income grows, investment becomes possible. Insurance coverage enables greater risk-taking ability and investments. Institutional credit gives wings for expansion.
And We have worked on each of these pillars. When all these factors come together, you suddenly find so many more people participating in the financial sector”, the Prime Minister elaborated.
The Prime Minister stressed the importance of trust in fintech in the light of the wide acceptance of these innovations among the masses. The common Indian has shown immense trust in our Fintech ecosystem by embracing digital payments and such technologies. “This trust is a responsibility. Trust means that you need to ensure that the interests of people are secured. Fintech innovation will be incomplete without fintech security innovation”, he said.
The Prime Minister commented on the wider applicability of India’s experience in the fintech area. He stressed India’s tendency to share experiences and expertise with the world and learn from them as well. “Our Digital Public Infrastructure solutions can improve the lives of citizens around the world”, the Prime Minister offered.
The Prime Minister remarked that GIFT City is not merely a premise, it represents India. It represents India’s democratic values, demand, demography & diversity. It represents India’s openness to ideas, innovation & investment. GIFT City is a gateway to the global fintech world.
The Prime Minister concluded by saying “Finance is the lifeblood of an economy and technology is its carrier . Both are equally important for achieving ”Antyodaya and Sarvodaya ”
The event is being hosted by International Financial Services Centres Authority (IFSCA), under the aegis of the Government of India in collaboration with GIFT City and Bloomberg on December 3 and 4, 2021. Indonesia, South Africa and the U.K. are partner countries in the first edition of the Forum.
InFinity Forum will bring together the leading minds of the world in policy, business, and technology to discuss and come up with actionable insight into how technology and innovation can be leveraged by the FinTech industry for inclusive growth and serving humanity at large.
The agenda of the Forum is focusing on the theme of ‘Beyond’; with various sub-themes including FinTech beyond boundaries, with governments and businesses focussing beyond the geographical boundaries in the development of global stack to promote financial inclusiveness; FinTech beyond Finance, by having convergence with emerging areas such as SpaceTech, GreenTech and AgriTech to drive sustainable development; and FinTech Beyond Next, with focus on how Quantum Computing could impact the nature of Fintech industry in the future and promote new opportunities.
The forum has participation from over 70 countries.
Pic Credit: BJP India
Sukhbir Singh Badal – President, Akali Dal:
Centre is trying to weaken Akali Dal, but won’t succeed.
Those who left mother party, have been finished forever. We are first to protect interests of Punjabis in India & abroad, which is not liked by many. I appeal to Punjabis to keep their house strong as Akali Dal is your strength.
After Akali-BSP alliance forms govt, the blue cards deleted in Cong tenure would be revived within one month,
‘Inteqal’ would be done for all pieces of individual land to end strife within one year, and farmers with no tubewell connection would be given one on priority basis.
CM Charanjit Channi is bent upon telling lies & doing mere announcements which are unfulfilled yet. The upcoming Akali-BSP alliance govt would take up construction of bundh around Sutlej River, and the scourge of drug and sand mafia would be brought to an end immediately.
It’s shocking that CM Charanjit Channi indulged in a farce by holding a ‘sangat darshan’ in front of his residence at 1 AM.
Had he been sincere, a woman of Cheema Kalan village in Nakodar would not commit suicide at his door step after he refused to address her grievances.
Dr Sudhakar – Health Minister, Karnataka:
New guidelines for Covid:
1. Two doses of vaccine mandatory to visit malls and cinema theatres.
2. Attendance at gatherings, meetings, conferences, etc capped at 500.
3. No events at educational institutions till Jan 15.
4. Two doses of vaccine mandatory for parents of <18 children to visit schools.
5. A fine of Rs 250 for not wearing mask in cities.
6. Mandatory two doses of vaccines for all Govt. employees.
Special Press Conference by Former Congress President Rahul Gandhi at the AICC HQ. Excerpts via INC India:
A question was asked in the parliament as to whether the government is going to compensate families of 700 farmers who were martyred. And the government said we have no record of these 700 people.
As it turns out, we did some homework and there are 403 people whom the Punjab govt compensated with Rs.5 lakhs each and has given jobs to 152.
We also have another list where we have 100 names of other farmers not from Punjab, from other states and we have a third list which is public information of names, addresses and phone number which can easily be verified.
This list exists but the government insists on saying that such a list does not exist, what is the purpose? These people have died as a result of the agitation [against Modi govt’s black farm laws].
We are not talking about billions of dollars, thousands of crores of rupees. We are talking about minimum compensation for the sacrifice they have made
The Prime Minister himself has said that he has made a mistake, he has apologised to the nation. As a result of this mistake 700 people have died. Now you are lying about their names. Why?
Why don’t you have the decency to give them what is due. The GoI should pay compensation and help these families.
The Punjab government is not responsible for the deaths of these people, it was not our responsibility, however we have given them support of Rs.5 lakhs each, why? Because we understand they are going through difficult times.
We have also given 152 of them jobs and we intend to give the bulk of them jobs. So we have already acted on it.
It is the PM’s personal mistake – a mistake he has accepted, so why does the PM not have the dignity to turn around and say 700 people have died, I will compensate. It’s not a big amount for the GOI.
It’s the same with Covid, millions of people have died of Covid, you don’t report them as covid death, you report them as something else.
Official figures in Gujarat is 10000, we have sent our workers to all the villages in Gujarat, to ask how many people have died? You know what the number turns out to be- 3 lakh people have died in Gujarat of Covid.
This is not the way PM of India should be behaving, it is a very unpleasant, immoral and cowardly way to behave.
I don’t understand what the big issue in paying these people compensation is. You are so insensitive that you don’t understand the pain of these families.
Farmers are today facing an environment where there is huge joblessness, Modi govt has not let them work for one year, has taken away their livelihood and now the govt is saying they don’t exist.
We have to be careful on how we are thinking about vaccinating and also get ready to accept that we might have to vaccinate everybody else again for the new variant with a new booster.
I think the press should certainly have access to the Parliament, I think it’s important.
A good initiative by Environment Minister Bhupender Yadav to consult Kerala MPs on the notification to be issued on the Western Ghats.Shashi Tharoor – MP, Congress leader
All agreed on the vital importance of protecting the region’s fragile ecology while ensuring that the local people’s interests are safeguarded.
Best wishes to my sisters and brothers of Goa on the day of the Feast of St. Francis Xavier. May this occasion further the spirit of harmony and brotherhood in our society.narendra modi – prime minister
We appeal to the presiding officers of both Houses in Parliament to rectify television coverage.derek o’brien – mp, trinamool congress
All Opposition protests are Censored on TV.
Trinamool Congress demands this TV Censorship must be stopped.
This Govt is turning Parliament into a secret chamber.
One min video
Oversaw preparations for the ‘Mahangai Hatao Rally’ in Jaipur along with CM Shri Ashok Gehlot, AICC In-charge Shri Ajay Maken, PCC President Shri Govind Dotasra & Shri Sachin Pilot.KC venugopal – general secretary, Congress
This rally will ensure that the people’s voice reaches those in power in Delhi.
Thank Sonia ji, Rahul ji, for having chosen Jaipur for the Mahangai Hatao Rally. It will be a very successful rally.Ashok Gehlot – CM, Rajasthan
Talked to media at Vidyadhar Nagar Stadium Jaipur
Welcome to the fold champ Sidhu Moose Walanavjot singh sidhu – president, punjab congress
SIDHU square ek aur ek Giaran opposition 9/2/11
Welcoming is essential for expansion and growth, and resistance is essential for maintenance :
Pic Credit : Sri Sri