Calling Unified Payments Interface (UPI) ‘the Champion of Fintech Growth,’ Prime Minister Narendra Modi on Tuesday urged stakeholders to use Fintech as a tool for financial inclusion. Global collaboration in fintech systems should be new goal to reduce transaction costs in remittances, he said.

Citing French President Emmanuel Macron’s remarks, Modi said UPI was “not just a tech story but a civilisational story,” adding that the figures reflected the long journey India had covered in digital payments.

“Any discussion on fintech remains incomplete without mentioning UPI, the champion of fintech growth. UPI has completed 10 years of operation and over 2.4 billion (240 crore) UPI transactions were recorded last month. People who had remained outside the banking system for generations have now become partners in the growth of fintech,” Modi said while addressing the seventh edition of the Global Fintech Fest in Mumbai.

“UPI is no longer limited to India; it is now operational in 11 countries worldwide. Direct UPI transactions between India and Singapore have already commenced, and we aim to extend this connectivity to other nations as well – specifically those with large Indian populations and significant trade volumes. Many Indians work abroad and send money home, but a portion of those funds is lost to transfer fees; UPI offers an effective solution to this issue,” Modi stated.

He further added that India has taken the fintech journey to new heights, with innovation and inclusion at its core. Technologies like Agentic AI, tokenisation and quantum are opening new possibilities in the financial sector. Beyond UPI transactions, the fintech sector must now focus on areas such as credit, insurance, savings, investments and pensions, he added.

The PM also called upon fintech firms to build top notch cyber security, ethical data production standards, strong Fintech regulated industry innovation ecosystem and Fintech Protection Consumer Index.

Lauding the country’s remarkable GDP growth in the last quarter, Modi said, the world has gained reassurance from India’s 7.8 percent growth despite challenging global conflicts, uncertainties and stress on global supply chains of energy and commodities. He also highlighted that the Japan Credit Rating Agency has upgraded the country's sovereign credit rating from BBB+ to A- with a stable outlook, returning India to the A rating category after more than three decades.

2 people arrested at venue

Meanwhile, two people were arrested by the Mumbai Police following a security scare near the GFF 2026 venue at the Bandra-Kurla Complex (BKC) in Mumbai. However, police clarified there is no established link connecting the incident to a threat against PM Modi.

The Arrested Individuals are a 24-year-old drone technology businessman identified as Rohan Parekh, and his companion who was acting as his bodyguard.

According to police, they were apprehended after attempting to enter the premises using a forged Prime Minister’s Office (PMO) identity card. Additionally, security personnel recovered a firearm from the bodyguard.

While an FIR has been registered at the BKC Police Station, the Mumbai Crime Branch has taken over the investigation to establish their exact motives for entering the secure venue with fabricated credentials. The police said that the weapon was licensed.

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