He also added that efforts were underway to ensure that UPI and truly global RuPay. Speaking at the Global Fintech Fest 2024, he highlighted the central bank’s focus areas including financial inclusion, deepening digital public infrastructure, consumer protection, cybersecurity, sustainable finance and the global integration of financial services.
India is actively engaged in international forums and bilateral agreements to foster economic cooperation with several countries. Das pointed out that the Reserve Bank of India (RBI) will now focus on strengthening financial infrastructure, including cross-border payment systems.
“We are now focused on creating truly global UPI and RuPay,” Governor Das said.
Significant progress has already been made with several countries, including Bhutan, Nepal, Sri Lanka, Singapore, UAE, Mauritius, Namibia, Peru and France, in accepting RuPay cards and payments via the UPI network.
These efforts highlight collaborative initiatives for the adoption of Indian financial innovations globally.
Das noted that the fintech sector has attracted around $6 billion in investments over the past two years.
Addressing the audience, Das highlighted that India was emerging as a fast-growing economic power. He emphasized that financial institutions and fintech companies must adopt a robust framework to take advantage of emerging opportunities and mitigate risks.
“Digital financial inclusion has unique advantages in terms of scalability and cost-effectiveness,” added Das.
He mentioned the new trinity of JAM (Jan Dhan-Aadhaar-Mobile), UPI (Unified Payment Interface) and ULI (Unified Logistics Interface) as a revolutionary step in India’s digital infrastructure journey.
Following the groundbreaking success of the Unified Payments Interface (UPI) in the retail payments space, Das this week announced the upcoming launch of the Unified Lending Interface (ULI) in a timely manner to transform the lending ecosystem of the country.
“We are now focused on creating truly global UPI and RuPay,” the RBI governor said. Expansion of financial infrastructure, including cross-border payment system, will be RBI’s priority in the future, he said.
Das highlighted that India, with its tech talent and developed fintech ecosystem, has the potential to become a global hub for digital innovation and fintech startups. Emphasis will be placed on creating and strengthening strategic partnerships, strengthening commitment to international cooperation and developing institutions of excellence.