UPI is our identity in the world, have robust banking system: PM Modi

Prime Minister Narendra Modi believed that the digital platforms developed by India in the financial system are becoming the models of the world. Exclaiming the immense success registered by the UPI, PM said it is our ‘identity in the world’.

“There is immense scope for innovation. UPI should become a means of financial inclusion and empowerment for the whole world, we have to collectively work for it. I suggest that our financial institutions should also have maximum partnership with fintechs to increase their reach,” PM Modi suggested.

“RuPay and UPI are not just a low cost and highly secure technology, but it is our identity in the world,” he said.

He exclaimed that in the 75th year of independence, 75 thousand crore transactions were done digitally which shows how wide the expansion of UPI has become.

The Prime Minister said Indian talent, infrastructure and innovators can take the Indian financial system to the top. “In the era of ‘Industry 4.0’ platforms developed by India are becoming models for the world”, the Prime Minister said giving examples of GeM, Digital transactions.

PM was addressing the tenth session of a series of 12 post-budget webinars on the subject of ‘Enhancing Efficiency of the Financial Services for Creating Growth Opportunities’.

We have a robust financial system of the world and a banking system

PM Modi emphasized that as today’s India is moving with new capabilities, the responsibility of those in the financial world of India has increased.

He told them that they have a robust financial system of the world and a banking system that is in profit after being on the verge of collapse 8-10 years ago. Also, there is a government that is taking policy decisions with courage, clarity and confidence.

“Today, the need of the hour is that the benefits of the strength in India's banking system should reach the maximum number of people,” the Prime Minister exhorted the participants.

Giving an example of the Government’s support to the MSME sector, the Prime Minister asked the banking system to reach out to the maximum number of sectors.

“1 crore 20 lakh MSMEs have received huge help from the government during the pandemic. In this year's budget, the MSME sector has also got additional collateral-free guaranteed credit of 2 lakh crores. Now it is very important that our banks reach out to them and provide them adequate finance”, he added.

Crores have become part of the formal financial system

PM Modi pointed out that the government's policies related to Financial Inclusion have made crores of people part of the formal financial system.

“The government has helped fulfill the dreams of crores of youth by giving Mudra loans of more than 20 lakh crore rupees without a bank guarantee. For the first time, more than 40 lakh street vendors and small shopkeepers received help from banks through PM Swanidhi Yojana,” he highlighted.

He called upon the stakeholders to re-engineer all the processes to reduce the cost and increase the speed of credit so that it reaches the small entrepreneurs quickly.