Prime Minister Narendra Modi (File Photo) 
Business

Need to convert Fintech initiatives into Fintech revolution: PM Modi

Prime Minister Narendra Modi on Friday underlined the need for converting Fintech initiatives into Fintech revolution to provide a low-cost and reliable payment system to the masses. Speaking at the InFinity Forum, he said technology is bringing a big shift in finance, and mobile payment last year exceeded ATM withdrawals.

migrator

New Delhi

Fully digital banks without any physical branch offices are already a reality and may become commonplace in less than a decade, he said.

''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,'' the Prime Minister said.

With the widening reach of Fintech, there are considerations that need attention, he said, adding the Fintech industry has achieved huge scale, and scale means people from all walks of life as customers.

''This Fintech acceptability among the masses has a unique feature. That feature is trust,'' he noted.

Visit news.dtnext.in to explore our interactive epaper!

Download the DT Next app for more exciting features!

Click here for iOS

Click here for Android

VCK sees no deadlock in seat-sharing talks, says Thirumavalavan

Several trains on Salem-Jolarpettai route cancelled, diverted; check details

BJP releases list of nine candidates for Puducherry Assembly polls

Officials say at least 10 people were killed in a South Korean factory fire

Ramzan special: Muslims gather at Chennai's Don Bosco School for Eid Al-Fitr namaz