PM Modi Urges Fintechs To Step Up Cybersecurity, Consumer Protection

Prime Minister Narendra Modi has urged Indian fintech startups to enhance cybersecurity and consumer protection as the sector prepares for its next growth phase, which is driven by emerging technologies like agentic AI and quantum technologies. At the inauguration of the Global Fintech Fest (GFF) 2026 in Mumbai, the PM called for stronger safeguards for India's rapidly expanding digital financial services.

Modi emphasized the need for "top-notch cybersecurity" given the reliance of financial services on digital infrastructure and AI. He also stressed the importance of ethical data-protection practices to foster consumer trust as innovation continues. Recently, the government established an inter-ministerial group to create a comprehensive cybersecurity strategy for India's financial sector.

In his speech, the PM outlined four key priorities for the fintech sector: stronger cybersecurity, ethical data protection, improved consumer protection, and closer collaboration between industry and regulators. He urged fintech companies to expand beyond payments and explore areas such as credit, insurance, and pensions, as well as to bring financial services to underserved populations.

Modi also highlighted the importance of expanding UPI's global reach, particularly in countries with significant Indian diasporas and strong trade ties, as the digital payments infrastructure currently operates in 11 countries.