x

Like our Facebook Page

   
Early Times Newspaper Jammu, Leading Newspaper Jammu
 
Breaking News :   Forces thwart Pak’s Hamas-style attack on Jammu | In Pak terrorists are given state funerals: Foreign Secretary | Terror nexus exposed: Al-Qaeda backs Pak | Jammu mosques, madrassas open for displaced border residents | Amid cross border shelling, CM Omar reviews situation in border districts | Breeding Ground for fidayeen, links to Hamas, stockpiled NATO arms | PM meets secretaries, stresses on alertness | Masood Azhar’s brother killed: BJP | LG Sinha chairs high-level meeting, reviews preparedness | Army uses Harpy drones to target enemy air defence systems | Pak attempts to attack 15 places in North, Western India foiled | 100 terrorists, aides killed in strikes: Rajnath at All-Party Meeting | SDRF conducts Mock Drill Exercise at IIT Jammu | Developed India strikes back at provocateurs by entering their hideouts: CM Yogi | Cash Row: CJI recommends impeachment of Justice Yashwant Varma, says sources | Amit terms AI as biggest disruptive tech of 21st Century in MZU National Workshop | Salman Sagar appointed as vice provincial president of JKNC | SET exam in J&K, Ladakh UTs postponed | ASCOMS & Hospital to provide free treatment to border shelling victims | Rs 300 crore BrahMos Missile Unit set to be inaugurated in Lucknow on May 11 | Any military attack on India will be met with very firm response: EAM Jaishankar | Vivek Bali Expresses Deep Grief Over Loss of Lives in Poonch Due to Pakistan Shelling | Reasi police foil illegal transportation of Khair logs in Katra area | 84 Bn CRPF Provides Relief to Flood-Affected Families | DC Jammu Reviews Zonal Master Plan for Ramnagar Eco-Sensitive Zone | Horticulture Department Kathua organises exposure visit | DC conducts on site inspection of restoration works on NH-44 | Power shut down in several areas | GMC Doda organises Blood Donation Camp | HPS participates in annual “Save Water, Save Birds” campaign | World Red Cross Day observed at Udhampur | Reasi Administration celebrates World Red Cross Day | ACR reviews implementation of E-Waste Management Action Plan | Poonch Administration steps up restoration of Essential Services, Supplies | Arushi Kotwal of Doda Honoured by Union Minister Dr Mansukh Mandaviya | Mini-Super Bazar M-PACS Maitra inaugurated in Ramban | DC Reasi felicitates JK Board Class 10th 12th Toppers | Back Issues  
 
news details
Taking policy measures to promote Fintech sector: PM Modi
8/30/2024 11:13:11 PM
MUMBAI, Aug 30:
Agencies

Prime Minister Narendra Modi on Friday said the Government is making necessary policy changes, like removal of Angel Tax, to promote the fintech sector, even as he asked the regulators to take additional measures to check cyber frauds which can have a crippling impact on startups.
Lauding the fintechs for democratising financial services, Modi said the sector, which has attracted USD 31-billion investment in the last 10 years, has played a key role in denting the parallel economy.
The Prime Minister was addressing the Global Fintech Fest (GFF) 2024, jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council.
He said the domestic economy and the capital market are in a celebratory mood at a time when the nation is also going through a festive period.
Modi underlined that the Government is making all necessary changes on the policy level to assist the fintech sector and gave examples of doing away with Angel Tax, allocating Rs 1 lakh crore to encourage research and innovation in the country and implementing the Digital Personal Data Protection Act.
Broadly, fintech refers to entities utilising technologies for providing financial services.
Expressing the need to put an end to cyber fraud, he urged the regulators to take major initiatives to boost digital literacy.
It is equally important to ensure cyber fraud does not come in the way of the growth of fintech and startups in the country, Modi said.
In his speech, the Prime Minister also cautioned about the dangers of a parallel economy for the world.
Fintech, he said, has played an impactful role in denting such a system and credited the emergence of transparency.
He said that digital technology has introduced transparency in India and gave the example of the implementation of Direct Benefit Transfer used in hundreds of Government schemes that has prevented leakages in the system.
“Today, people can see the benefits of aligning with the formal banking system,” he said.
Modi further said the trinity of Jan Dhan, Aadhaar and Mobile have broken down the mentality of ‘Cash is King’ and made way for approximately half of the digital transactions in the world taking place in India.
“India’s UPI has become a major example of fintech in the world,” he said, adding that it has enabled 24X7 banking services in every village and city in all weather conditions.
Underlining the role of fintech in democratising financial services, the Prime Minister gave examples of readily available loans, credit cards, investments and insurance.
He said that fintech has made access to credit easy and inclusive, and gave the example of PM SVANidhi scheme that has enabled street vendors to avail collateral-free loans and further expand their business with the help of digital transactions.
“Sustainable economic growth is India’s priority today,” he said and emphasised that the Government is creating robust, transparent and efficient systems to strengthen financial markets with advanced technologies and regulatory frameworks.
About 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and other countries are participating in the fest.
  Share This News with Your Friends on Social Network  
  Comment on this Story  
 
 
 
Early Times Android App
STOCK UPDATE
  
BSE Sensex
NSE Nifty
 
CRICKET UPDATE
 
 
 
 
 
 
 
 
   
Home About Us Top Stories Local News National News Sports News Opinion Editorial ET Cetra Advertise with Us ET E-paper
 
 
J&K RELATED WEBSITES
J&K Govt. Official website
Jammu Kashmir Tourism
JKTDC
Mata Vaishnodevi Shrine Board
Shri Amarnath Ji Shrine Board
Shri Shiv Khori Shrine Board
UTILITY
Train Enquiry
IRCTC
Matavaishnodevi
BSNL
Jammu Kashmir Bank
State Bank of India
PUBLIC INTEREST
Passport Department
Income Tax Department
JK CAMPA
JK GAD
IT Education
Web Site Design Services
EDUCATION
Jammu University
Jammu University Results
JKBOSE
Kashmir University
IGNOU Jammu Center
SMVDU