India’s fintech industry has attracted a record investment of $31 billion in the last decade, Prime Minister Narendra Modi has said.

Startups in this sector have grown by 500 percent, Modi said at the Global Fintech Fest 2024, which concluded in Mumbai yesterday.

Affordable mobile phones, inexpensive data and an aggressive drive to bring Indians into the ambit of commercial banking have revolutionised the use of new financial technology all over the country, the Prime Minister said.

‘The total number of broadband users in India has increased from 60 million to 940 million in 10 years,’ Modi said. ‘More than 530 million people in the country have opened new bank accounts. We have connected a population equivalent to that of the entire European Union to commercial banks since 2014.’

Source: Emirates News Agency