Modi credits fintech for democratising financial services

Bengaluru: Prime Minister Narendra Modi on Friday lauded the fintech industry for playing a significant role in democratising financial services and bridging the gap between urban and rural India. Speaking at the Global Fintech Fest (GFF) in Mumbai, he asked regulators to take more measures to stop cyber fraud.

He added that the government is taking various measures at the policy level to promote the fintech sector, such as the abolition of Angel Tax, allocating Rs 1 lakh crore to encourage research and innovation in the country and implementing the Digital Personal Data Protection Act. He also urged regulators to initiate steps to boost digital literacy.