Scindia pitches for inclusive fintech at Global Fintech Festival 2026

Union Minister Shri Jyotiraditya M. Scindia emphasized the importance of an inclusive and trusted digital financial ecosystem at the Global Fintech Festival 2026 in Mumbai. He highlighted India's rapid digital transformation, with a significant increase in internet and broadband access, and the expansion of 5G. The Minister also noted the growth of UPI transactions and the reduction in data costs.

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Prelims-testable facts

01Union Minister Jyotiraditya Scindia emphasized the importance of an inclusive and trusted digital financial ecosystem.
02Before finance becomes intelligent, it must become inclusive, according to Union Minister Jyotiraditya Scindia.
03The telecom network is the foundation on which fintech evolves, as stated by Union Minister Jyotiraditya Scindia.
04Connectivity, along with compute and trust, forms the new digital trinity powering the next phase of digital finance.
05India's digital transformation has led to a 16-fold growth in broadband access over the past decade.
06India has become the world's cheapest data capital, with data costs falling to around 10 cents per GB.
07UPI has processed around 24,162 crore transactions in FY 2025–26, worth approximately ₹314 lakh crore.

Trap alerts

Most people think that India's digital financial ecosystem is fully inclusive, but actually, it still has a long way to go.
Most people think that the rollout of 5G in India was slow, but actually, it achieved capability across 99.9% of districts within 26 months.
Most people think that the cost of data in India has increased over time, but actually, it has fallen to around 10 cents per GB.

Current-affairs link

The Digital India initiative, launched in 2015, aims to make India a digitally empowered society and knowledge economy.

Prelims Practice MCQs

Single facteasy

What is the number of transactions processed through UPI in FY 2025–26?

A.20,000 crore
B.24,162 crore
C.25,000 crore
D.30,000 crore

India's Unified Payments Interface (UPI) processed around 24,162 crore transactions in FY 2025–26, worth approximately ₹314 lakh crore.

Multiple statementsmedium

Consider the following statements regarding India's Digital Economy Growth: 1. India has seen a 10-fold growth in broadband access in the last decade. 2. The rollout of 5G in India has been supported by over 10 lakh 5G base stations. 3. India has achieved capability across 99.9% of districts, covering almost 85% of the population, within 26 months after the launch of 5G in 2022. How many of the above statements are correct?

A.Only one
B.Only two
C.All three
D.None

Statement 1 is incorrect because the fact list states that broadband access in India has grown from 6 crore to 103 crore in 10 years, representing nearly 16 times growth. Statement 2 is incorrect because the fact list states that the rollout of 5G in India has been supported by over 5 lakh 5G base stations.

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