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Digital Public Platforms Driving India’s Financial Inclusion, Says Malhotra
RBI: Nearly 85% of digital payment transactions in India are conducted through UPI. The country can set an example for inclusive, secure, and scalable digital public platforms (DPPs). Reserve Bank of India Governor Sanjay Malhotra said this in Washington on Wednesday. Let's find out what he said next.
Almost 85% of digital payments in India are made through UPI. The nation can be a leader in inclusive, secure, and scalable digital public platforms (DPPs). Reserve Bank of India Governor Sanjay Malhotra made this comment on Wednesday.
Malhotra was speaking at the "Economic Resilience through Digital Public Platforms" event organized by the RBI on the sidelines of the World Bank and International Monetary Fund's annual meeting in Washington, DC, on Tuesday. He said, "DPPs have become a powerful catalyst for inclusive growth and innovation."
The RBI Governor stated, "The foundational platforms for digital identity (Aadhaar) and real-time payments (Unified Payments Interface - UPI) have successfully demonstrated how to build flexible, cost-efficient public service delivery systems at scale."
RBI Governor Malhotra also spoke about India's DPP ecosystem and its role in digitization and financial inclusion, especially in government transfer payments. He emphasized that in the true spirit of "Vasudhaiva Kutumbakam," India is fully committed to international cooperation on such platforms to accelerate digital transformation.
