Prime Minister Narendra Modi arrived in Mumbai on Tuesday to participate in the Global Fintech Fest 2026. During his address, the Prime Minister highlighted the current global scenario, noting that the world is passing through a phase of conflict and uncertainty. He specifically mentioned the ongoing tensions regarding oil and how these factors have created a challenging environment for the global economy, while despite these international hurdles, PM Modi pointed out that India's economy has shown remarkable resilience. 8 percent. This growth, according to the Prime Minister, provides a new sense of confidence to the entire world regarding India's economic stability and potential.
Strengthening the Vision of Viksit Bharat
The Prime Minister emphasized that amidst these challenging times, India's international credibility is continuously rising. He noted that the vision of a Viksit Bharat or Developed India is becoming stronger with each passing day, while expressing his delight at being part of the event, PM Modi mentioned a unique hat-trick. He explained that one hat-trick was achieved in 2024 when the government was formed for the third consecutive time. The second hat-trick is his presence at the Global Fintech Fest for the third year in a row. He told the audience that this hat-trick demonstrates how important the fintech sector is for the goal of a Viksit Bharat and how essential their work is for the nation's progress.
Confidence in the Youth and Innovation
PM Modi observed that every time he attends this fest, he sees more young faces than before. He mentioned feeling a greater sense of energy and seeing the scope of possibilities expanding. According to the Prime Minister, it's evident that the willingness to take risks is increasing among the youth, and their dreams are becoming larger. This growing ambition and risk-taking appetite are the reasons why his confidence in the future of a Viksit Bharat is becoming even more strong. He believes that the fintech sector is at the forefront of this transformation, driven by the innovation and energy of the younger generation.
UPI as the Crown Jewel of Fintech
The Prime Minister hailed UPI as the biggest example of success in India's fintech sector, while he noted that UPI is an achievement that has even earned praise from leaders like Macron. This system has successfully integrated millions of people into the formal banking system, providing them with ease of transaction and financial security. PM Modi emphasized that India is no longer just following global trends but is now setting its own rules and standards in the financial world. The success of UPI serves as a blueprint for how technology can be used to achieve large-scale financial inclusion and modernize the economy.
RBI Governor on the Transformation of Indian Finance
Earlier during the Global Fintech Fest 2026, RBI Governor Sanjay Malhotra shared his insights on the sector's growth. He stated that over the past decade, fintech has completely transformed the world of Indian finance. He explained that fintech has moved banking beyond the physical boundaries of bank branches and placed it directly into the hands of every citizen. Whether it's a shopkeeper in a small town, a farmer in a remote village, or a young professional in a metro city, everyone is now using simple digital systems like UPI, the Aadhaar-enabled payment system, and the Jan Dhan ecosystem to conduct transactions, save money, and take loans.
Fintech and Everyday Financial Inclusion
RBI Governor Sanjay Malhotra further added that this transformation represents true financial inclusion. He clarified that financial inclusion isn't just a policy objective but has become an everyday reality for millions of Indians. This has been made possible because of fintech, which connects the vast and diverse population of India to the formal financial system rapidly and at a low cost, while the integration of technology with financial services has ensured that even the most marginalized sections of society have access to modern banking tools, thereby strengthening the overall economic fabric of the country.