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Central Bank Governor Shaktikanta Das attended the RBI@90 Global Conference on 'Digital Public Infrastructure and Emerging Technologies'. Addressing the program, Governor Das said that the Central Bank is continuously working to strengthen the country's financial system. Policies, systems, and platforms are being prepared by keeping the customer at the center.

UPI's potential highlighted
Das highlighted the contribution of UPI. He said, "UPI has revolutionized the country's digital payment system. Although UPI has started being used in many other countries besides India, it still needs to work to establish its identity at the global level. UPI can also prove to be a game changer for sending money from abroad to India. Currently, MasterCard or Visa services are used to send money from abroad to India. This service is quite expensive. In such a situation, UPI can work as a cheaper alternative to it. And it can be started with a small transaction by an individual.

Referring to the Economic Survey presented in Parliament in July, Das said that according to the survey, it is the second largest source of external financing after service exports. In the year 2024, it grew at a rate of 3.7 percent to US $ 124 billion. Maintaining this momentum, it is estimated to grow at a rate of 4 percent to reach US $ 129 billion in the current financial year 2025.

The focus is on strengthening the financial sector
The RBI Governor said that the Reserve Bank of India RBI@100 is continuously working to strengthen the financial sector of the country. For this, the central bank is working on creating policies, approaches, systems, and platforms that make the financial sector strong, agile, and customer-centric.

Talking about DPI and emerging technology, he said that in the last decade, there has been a radical change in the traditional banking system. In particular, the emphasis of banks on technology has increased a lot and they have done their technological transformation. All these signs can be predicted that these processes may accelerate further in the coming years.

Highlighting the features of DPI transactions, he says that DPI promotes market innovation by reducing costs, democratizing access, maintaining competition through interoperability, and attracting private capital.

DPI has enabled India to achieve that level of financial inclusion in less than a decade, which would have otherwise taken several decades or more.

Let us tell you that DPI refers to those basic technology systems that are mainly created in the public sector. These are openly available to users and other developers.