Shaktikanta Das, Governor of the Reserve Bank of India
Reserve Bank of India (RBI) Governor Shaktikanta Das said efforts are being made to make UPI and RuPay truly global. Addressing the Global Fintech Fest 2024, Das said the RBI’s focus is on financial inclusion, digital public infrastructure (DPI), consumer safety and cybersecurity, sustainable finance and strengthening global integration of financial services.
The governor said this
He said India is an active part of international forums and bilateral agreements to promote economic cooperation with many countries and strengthening financial infrastructure, including cross-border payment systems, will be a key focus area of ​​the Reserve Bank. We are now focused on making UPI and RuPay truly global.
He said significant progress has been made in this direction with Bhutan, Nepal, Sri Lanka, Singapore, United Arab Emirates (UAE), Mauritius, Namibia, Peru, France and a few other countries accepting RuPay cards and payments through UPI network. He said these efforts highlight the collaborative efforts to adopt India’s initiatives across the world.
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This is the specialty of UPI and Rupay
The Unified Payment System i.e. UPI facilitates interbank transactions through mobile phones while RuPay is a homegrown global card payment network. Das said India, with its technological capability and developed fintech ecosystem, has the potential to become a global hub for digital innovation and fintech startups, forge and strengthen strategic partnerships, strengthen commitment to international cooperation and develop institutions of excellence.
Das said that the fintech sector has attracted investments of around $6 billion in the last two years. The RBI governor said that India is now a fast-growing economic powerhouse. He said that financial institutions and fintechs should quickly adopt a robust framework to tap the new opportunities emerging in the Indian economy and minimise the risks. He said that digital financial inclusion has the unique advantages of scalability and cost-effectiveness. He said that the new trinity of JAM-UPI-ULI is a revolutionary step in India’s digital infrastructure journey.
