Modi Calls for Fintech Consumer Protection Index

Indian Prime Minister Narendra Modi has called for the establishment of a fintech consumer protection index, which would assign a transparent rating to every company. The proposal was made during the inauguration of the Global Fintech Fest 2026 in Mumbai on September 8, emphasizing the need to prioritize consumer protection, cybersecurity, and data governance within India's fintech sector.

Modi outlined four key tasks for the fintech industry: ensuring top-tier cybersecurity, developing industry-specific ethical data protection standards, fostering a strong regulator-industry innovation ecosystem, and implementing the proposed consumer protection index. He highlighted how emerging technologies like agentic AI, tokenization, and quantum computing are creating new avenues within the financial sector.

The Prime Minister urged India's fintech sector to expand its Unified Payments Interface (UPI) system internationally and to integrate it with the payment systems of other countries. He cited the collaboration with Singapore as a successful example of such integration and proposed similar links with nations that have significant Indian diaspora populations or substantial trade relations. Modi believes UPI can also reduce remittance costs for Indians working abroad.

Furthermore, Modi encouraged fintech companies to move beyond payments and focus on expanding services in credit, insurance, savings, investments, and pensions. He pointed out how data from digital payments can help serve small businesses that are underserved by traditional credit models. Modi stated that the next chapter for the fintech industry will be written in these areas.