Mumbai, India: Prime Minister Narendra Modi has called on India’s fintech industry to strengthen cybersecurity, data protection and consumer safeguards while using emerging technologies such as agentic artificial intelligence, tokenisation and quantum computing to expand financial services.
Modi made the remarks while inaugurating the Global Fintech Fest 2026 in Mumbai, where he highlighted India’s expanding digital payments ecosystem and the growing role of technology in financial inclusion.
The Prime Minister pointed to India’s 7.8% economic growth during the April-June quarter, saying the performance had strengthened confidence in the country’s economic outlook despite global pressures from conflicts, trade tensions and disruptions affecting energy and commodity supply chains.
UPI featured prominently in his address. Modi noted that more than 24 billion UPI transactions were recorded in August, while the platform is now operational in 11 countries. He said the next phase should focus on connecting UPI with domestic payment systems in countries where large Indian communities live or where India has substantial trade.
He also urged the fintech industry to broaden its focus beyond digital payments. Credit, insurance, savings, investment and pension products, he said, need to become more accessible to small businesses and independent workers.
Modi cited the PM SVANidhi scheme, under which street vendors were brought into the formal credit system. He said the average annual income of beneficiaries had increased by more than 20%, and noted that the scheme has been extended until 2030.
The Prime Minister identified micro-business lending as another area where fintech could play a larger role. Digital transaction records can provide lenders with information about businesses that may not meet conventional lending thresholds, potentially helping small enterprises access additional working capital.
Looking ahead, Modi said technologies including agentic AI, tokenisation and quantum computing could create new possibilities for financial services, but their value would depend on their ability to produce practical benefits.
He proposed four collective priorities for the sector: strong cybersecurity, ethical data protection standards, a stronger regulator-industry innovation ecosystem and a fintech consumer protection index.
Source: This article is based on an official press release issued by thr Press informantion Bureau (PIB)
Press Release: Press Information Bureau
