RBI Governor Shaktikanta Das Highlights India’s Digital Success at Global Conference in Bengaluru
In Bengaluru, Karnataka, the Reserve Bank of India (RBI) Governor Shaktikanta Das spoke at the Global Conference on Digital Public Infrastructure and Emerging Technologies. He praised India’s Digital Public Infrastructure (DPI) for its role in achieving rapid financial inclusion.
India’s Digital Journey
Governor Das explained that India’s DPI has allowed the country to reach financial inclusion levels in less than a decade, which would have otherwise taken several decades. He highlighted that DPI helps manage critical national infrastructure effectively, especially during crises like the COVID-19 pandemic.
Public and Private Sector Collaboration
Das emphasized that India’s DPI is unique because it is built, operated, and managed by the public sector, while the private sector uses it to create innovative services. This approach encourages the private sector to develop competitive products without the burden of uncertain capital investment.
Global Recognition
Last year, under India’s leadership, the G20 digital economy working group created a global DPI repository. Das noted that around 1.4 billion accounts have been generated for Indian residents, showcasing the success of DPI.
Unified Payment Interface (UPI)
Das also spoke about the success of the Unified Payment Interface (UPI), which offers simple, safe, and secure digital payment options. The National Payments Corporation of India (NPCI), promoted by banks under RBI’s guidance, has played a significant role in the growth of retail digital payments in India. UPI has become a robust and cost-effective payment system, attracting global interest.
Doubts Revealed
RBI -: RBI stands for Reserve Bank of India. It is the central bank of India, which means it manages the country’s money and financial system.
Shaktikanta Das -: Shaktikanta Das is the Governor of the Reserve Bank of India. He is the person in charge of the RBI.
Digital Public Infrastructure (DPI) -: Digital Public Infrastructure (DPI) refers to the digital systems and services that are available for everyone to use, like online banking and digital payments.
financial inclusion -: Financial inclusion means making sure everyone has access to useful and affordable financial services, like bank accounts and loans.
public sector -: The public sector is the part of the economy that is controlled by the government, like public schools and hospitals.
private sector -: The private sector is the part of the economy that is run by private individuals and companies, like shops and businesses.
Unified Payment Interface (UPI) -: Unified Payment Interface (UPI) is a system in India that allows people to transfer money between bank accounts instantly using their mobile phones.
G20 -: G20 is a group of 20 major economies in the world, including countries like India, the USA, and China. They work together to discuss and solve global economic issues.
global DPI repository -: A global DPI repository is a collection of information and resources about digital public infrastructure from around the world, which can be used by different countries to improve their own systems.
