Indian Prime Minister Narendra Modi expressed confidence within the Reserve Financial institution of India’s digital forex initiative in his speech on the World FinTech Fest 2025 in Mumbai. The Prime Minister mentioned the digital forex venture will strengthen India’s financial progress story.
Prime Minister Modi, at an occasion attended by UK Prime Minister Keir Starmer, emphasised that IndoStack is the inspiration of the nation’s digital economic system. Key elements embrace Unified Fee Interface, Aadhaar Enabled Fee System, Bharat Invoice Fee System, Bharat-QR, DigiLocker, DigiYatra, and Authorities e-Market.
The Prime Minister identified that UPI alone facilitates 20 billion transactions each month, with a transaction worth of over Rs 25 billion. Based on Prime Minister Modi’s speech, 50 of the 100 real-time digital transactions on this planet happen in India.
I’m assured that RBI’s ongoing digital forex initiative will additional strengthen India’s progress story. pic.twitter.com/kli361AjAL
— Narendra Modi (@narendramodi) October 9, 2025
Open ecosystem drives monetary inclusion
Prime Minister Modi mentioned that with IndiaStack, an open community of digital commerce may help MSMEs attain the nationwide market and increase monetary entry via a brand new open ecosystem.
The Open Credit score Enablement Community simplifies credit score entry for micro-entrepreneurs and addresses the financing hole confronted by MSMEs. These platforms are constructed on India’s digital public infrastructure and are democratizing monetary companies.
The Prime Minister emphasised that digital know-how has remodeled banking from privilege to empowerment. He attributed this success to the JAM Trinity, which consists of Jan Dhan account, Aadhaar ID and cell connectivity.
India has been sharing digital innovation with different nations as a world public good. Developed in India, the Modular Open Supply Identification Platform (MOSIP) has been adopted by over 25 nations to create a sovereign digital identification system.
Throughout the first six months of 2025, India has entered the highest three most funded fintech ecosystems on this planet. The Prime Minister highlighted the worldwide recognition of Indian startups within the framework of interoperable QR networks, open commerce and open finance.
Collaboration between AI and fintech is increasing
Mr. Modi outlined India’s strategy to synthetic intelligence based mostly on ideas of equitable entry, population-scale ability acquisition, and accountable adoption. India-AI Mission is creating high-performance computing capability to make sure inexpensive assets for innovators and startups.
The Prime Minister introduced deepening cooperation via the UK-India FinTech Hall, creating alternatives for brand spanking new start-ups to experiment and scale. Elevated cooperation between the London Inventory Change and GIFT Metropolis will foster monetary integration between the 2 nations. Prime Minister Modi mentioned these initiatives will remodel India’s untapped potential right into a driver for the nation’s progress story in parallel with RBI’s digital forex growth.
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