Prime Minister Narendra Modi arrived at the Global Fintech Fest 2026 organized in Mumbai on Tuesday. Here he mentioned India's progress in the field of Fintech and told that UPI today is not limited to India only. Today India's UPI is working in 11 countries. PM Modi referred to President Macron's statement in which he had described UPI as not only a technical but also a civilizational story.
In his address, PM Modi said, 'India's fintech story has been fantastic. UPI has a huge contribution in this. This is such a big change that whenever there is talk of fintech, it will be incomplete without UPI.
Also read: Fierce war begins between Houthi and Saudi Arabia, many fronts open in Yemen too
Let us tell you that UPI was started as a pilot project on 11 April 2016. However, this facility for the general public started from 25 August 2016. National Payments Corporation of India has developed it.
In his address, PM Modi also mentioned the 10-year journey of UPI and said, 'On August 25, UPI completed its 10 years. 10 years ago, when I used to say that your bank will be at your fingertips, some people thought it impossible. I am talking about people with good information, remember their faces.
Let us tell you that former Finance Minister and veteran Congress leader P. Chidambaram had initially criticized UPI. Then he had said that if someone buys potatoes and tomatoes worth seven and a half rupees in the village fair, then how will he pay through credit card or digital medium?
India's UPI is running in 11 countries
PM Modi further said, 'In the month of August alone, transactions worth more than Rs 2400 crore were made through UPI. Seeing this effect, French President Macron said that UPI is not just a technical story but a civilizational story. UPI is not limited to India only. Today India's UPI is running in 11 countries of the world. These are fantastic figures, which tell us about the long journey we have come.
PM Modi also mentioned the global situation, conflict and tension. Told that the quarter of April-June has been the most challenging. The world's trust in India is increasing. After 30 years, Japan's credit rating agency has upgraded India's sovereign rating to 'A' category.
Also read: Two suspects caught from the venue of PM Modi's event, one also found with a gun
Global situation, conflict and tension also mentioned
The PM said, 'You all are well aware of the current global situation. The world is going through a period of conflicts and uncertainty. There is pressure on energy and commodity supply chains. There is tension regarding business. This situation has persisted for several months. The April-June quarter has been the most challenging. Despite this, when India grows at the rate of 7.8 percent, the world sees a new hope.
The speed of India's Sudhar Express will increase
PM Modi further said, 'The increasing confidence in India is also reflected in our sovereign rating. Recently, Japan's credit rating agency has upgraded India's sovereign rating to 'A' category. Very few people know that this happened after 3 decades i.e. 30 years. This shows how much the world has confidence in India's growth pace, our macro-economic stability and the structural reforms undertaken over the last few years. India's 'Sudhaar Express' will move even faster.