Prime Minister Narendra Modi opened the Global Fintech Fest 2026 in Mumbai on September 8. He spoke about India’s expanding financial technology sector and called on fintech companies to focus on financial inclusion while adopting strong security standards. The address outlined priorities for taking digital payments and financial services to underserved populations across India and internationally.
What the PM said about fintech’s role
The Prime Minister highlighted the Unified Payments Interface (UPI) as central to India’s fintech growth story. He noted that UPI processed over 24 billion transactions in August 2026 alone, and is now operational in 11 countries. He pointed to India’s economic growth rate of 7.8 percent in the April to June quarter as evidence of the nation’s resilience amid global economic tensions.
On future priorities, Modi set out four strategic goals for the fintech sector:
- Establishing top-notch cybersecurity and ethical data protection standards
- Building a robust ecosystem where regulators and industry innovate together
- Creating a transparent consumer protection index for fintech services
- Expanding beyond payments into credit, insurance, savings, investments and pensions
The Prime Minister called for integrating UPI with payment systems in countries where Indians live in large numbers or where India conducts significant trade, particularly to reduce costs for remittances sent by the Indian diaspora.
He cited the PM SVANidhi scheme, which has brought street vendors into the formal credit system, as proof that fintech can reach those traditional banks ignore. He noted that beneficiaries saw average annual income rise by over 20 percent and improved access to housing, nutrition, healthcare and education. The scheme will continue until 2030.
What this means for you
If you use UPI or digital payments, the government sees expanding these services into loans, insurance and investment products as your next frontier. If you are a small business owner or street vendor, the focus on fintech-enabled credit could eventually provide easier access to formal borrowing. If you send money abroad or have family overseas, improved international payment links may soon reduce the cost and time for remittances. The sector’s emphasis on cybersecurity and consumer protection is intended to make these expanded services safer for users.