Prime Minister Narendra Modi addressed global financial technology leaders at the Global Fintech Fest in Mumbai on Tuesday, highlighting how India’s Unified Payments Interface is revolutionizing international remittances by eliminating exorbitant bank transaction costs.
Speaking before an international audience of central bankers, venture capitalists, and digital payment executives at the Jio World Convention Centre, the Prime Minister explained that bilateral UPI linkages with Singapore, the United Arab Emirates, France, and Sri Lanka have dramatically reduced settlement times from days to seconds. Modi emphasized that international remittance fees, which historically devoured over six percent of funds sent by migrant laborers, are being compressed to near-zero margins through interoperable digital rails.
The Prime Minister noted that India now accounts for nearly forty-eight percent of global real-time digital financial transactions, demonstrating that public digital infrastructure can democratize banking access for unserved populations. He urged international financial authorities to collaborate on standardized open-architecture protocols to facilitate transparent cross-border commerce without reliance on monopolistic legacy clearing networks.
Financial delegates at the summit welcomed India’s initiative to integrate central bank digital currencies with retail payment mechanisms. Reserve Bank of India Governor Shaktikanta Das joined the Prime Minister in unveiling pilot cross-border QR code interoperability standards with partner central banks across Southeast Asia.
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Sources:
https://indianexpress.com/article/india/today-india-breaking-news-live-updates-8-september-2026-brs-mlcs-arrested-telangana-speaker-satya-niketan-delhi-hc-manipuri-musician-10867924/