Reserve Bank Governor Shaktikanta Das on Wednesday said efforts are underway to make UPI and RuPay “truly global”, while outlining the central bank’s focus areas going forward.
Speaking at the Global Fintech Fest 2024, the Governor said the Reserve Bank’s focus is on financial inclusion, deepening digital public infrastructure (DPI), consumer protection and cybersecurity, sustainable finance and global integration of financial services.
India is actively participating in international forums and bilateral agreements to foster economic cooperation with many countries in the future, and strengthening financial infrastructure, including cross-border payment systems, will be the focus. Reserve Bank of IndiaKey focus areas, he added.
Das said India, with its technological talent and evolved financial fintech ecosystem, has the potential to serve as a global hub for digital innovation and fintech startups, building and strengthening strategic partnerships, reinforcing commitment to international cooperation and developing institutions of excellence.
“We are now focusing on making UPI and RuPay truly global,” Governor Das said.
He further said that notable progress has already been made in this direction with countries like Bhutan, Nepal, Sri Lanka, Singapore, UAE, Mauritius, Namibia, Peru, France and a few others for accepting RuPay cards and payments through UPI network.
These efforts, he said, underline the collaborative efforts for adoption of India’s initiatives across the world.
Referring to the fintech sector, he said the segment attracted around USD 6 billion in investments in the last two years.
Addressing the gathering, Das said India is now a fast-growing economic powerhouse and stressed that financial institutions and fintechs need to quickly adopt a robust framework to capitalise on new opportunities and mitigate risks.
The governor also said that digital financial inclusion has unique advantages of scalability and profitability.
The new JAM-UPI-ULI trinity will be a revolutionary advancement in India’s digital infrastructure journey, he added.
Unified Payments Interface (UPI) is a real-time instant payment system to facilitate interbank transactions through mobile phones, while RuPay is a global card payment network designed at a national level.
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