Inaugration of InFinity Forum

Shashank Raj Gupta
Inaugration of InFinity Forum

Question : Who Inaugrated the ‘InFinity Forum’, a thought leadership Forum on FinTech on December 3, 2021 ?
a. Narendra Modi
b. Nirmala Sitharaman
c. Harsh Vardhan
d. Rajiv Kumar
Ans. a.
Related facts —

  • On December 3rd Prime Minister Narendra Modi Inaugrated the ‘InFinity Forum’ through video conference.
  • It is a thought leadership Forum on FinTech.
  • The agenda of the Forum is focusing on the theme of ‘Beyond’; with various sub-themes including FinTech beyond boundaries, with governments and businesses focussing beyond the geographical boundaries in the development of global stack to promote financial inclusiveness; FinTech beyond Finance, by having convergence with emerging areas such as SpaceTech, GreenTech and AgriTech to drive sustainable development; and FinTech Beyond Next, with focus on how Quantum Computing could impact the nature of Fintech industry in the future and promote new opportunities.
  • Key points of PM’ speech —
  • It is noatble that last year, in India, mobile payments exceeded ATM cash withdrawals for the first time.
  • Fully digital banks, without any physical branch offices, are already a reality and may become commonplace in less than a decade.
  • He emphasized that now it is time to convert these fintech initiatives into a fintech revolution.
  • “A revolution that helps to achieve financial empowerment of every single citizen of the country”, he said.
  • PM pointed out that from less than 50% of Indians having bank accounts in 2014, India has almost universalized it with 430 million Jan Dhan accounts in the last 7 years.
  • He also listed initiatives like 690 million RuPay cards clocking 1.3 billion transactions last year; UPI processing around 4.2 billion transactions in just last month; almost 300 million invoices are uploaded on the GST portal every month; despite the pandemic, about 1.5 million railway tickets are getting booked online every day; last year, FASTag processed 1.3 billion seamless transactions; PM Svanidhi enabled access to credit for small vendors across the country; e-RUPI enabled targeted delivery of specified services without leakages.

Link:
https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1777520