PM Modi unveils four-point agenda for fintech growth at Global Fintech Fest

Prime Minister Narendra Modi on Tuesday outlined a comprehensive agenda for India's fintech industry, urging stakeholders to focus on cybersecurity, ethical data practices, and robust regulation. Speaking at the Global Fintech Fest 2026 in Mumbai, he proposed four key priorities for the sector's next phase of growth.

Modi called for making cybersecurity in India 'top-notch' and for the industry to develop its own ethical data-protection standards. He also stressed the need for a strong fintech regulator-industry innovation ecosystem and proposed the creation of a Fintech Consumer Protection Index to enable transparent ratings of companies.

Beyond these foundational pillars, the Prime Minister said the future of fintech must extend past payments into areas like credit, insurance, savings, investments, and pensions. He noted that while India has demonstrated speed and scale in payments, the share of non-payment transactions needs to increase to serve small businesses and workers not efficiently covered by traditional financial models.

On the global stage, Modi highlighted the expansion of UPI, which is now live in 11 countries and recorded over 2,400 crore transactions in August alone. He set a target to link UPI with the payment systems of more countries, citing the India-Singapore linkage as a model for future partnerships, especially in regions with significant Indian diaspora or trade ties.

Modi also touched upon the broader economic context, pointing to India's 7.8 per cent growth in the April-June quarter despite a difficult global environment. He referenced a recent sovereign rating upgrade by a Japanese agency as a sign of confidence in India's macroeconomic stability and structural reforms. He also cited the PM SVANidhi scheme as an example of fintech-led financial inclusion, noting that beneficiary incomes have risen by over 20 per cent and that the scheme has been extended until 2030.