RBI Governor Shaktikanta Das speaks at the Global Fintech Fest, in Mumbai, Wednesday, August 28, 2024.
Mumbai: Reserve Bank Governor Shaktikanta Das on Wednesday said efforts are on to make UPI and RuPay "truly global", as he outlined focus areas of the central bank 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 cyber security, sustainable finance and global integration of financial services.
India is engaged actively in international fora and bilateral agreements to foster economic cooperation with many countries going forward, and strengthening financial infrastructure, including cross-border payment systems, will be the RBI's key focus areas, he added.
Das said India, with its tech talent and evolved financial fintech ecosystem, holds 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 the UPI and the RuPay truly global," Governor Das said.
He further said that notable progress in this direction has already been made with countries like Bhutan, Nepal, Sri Lanka, Singapore, the UAE, Mauritius, Namibia, Peru, France and a few others for acceptance of RuPay cards and payments through the UPI network.
These endeavours, he said, underscore collaborative efforts for the adoption of India's initiatives across the globe.
Referring to the fintech sector, he said the segment attracted about 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 fintech must swiftly adopt a robust framework to capitalise on new opportunities and mitigate risks.
The governor further said digital financial inclusion has unique advantages of scalability and cost-effectiveness.
New trinity of JAM-UPI-ULI will be a revolutionary step forward in India's digital infrastructure journey, he added.
Unified Payments Interface (UPI) is an instant real-time payment system to facilitate inter-bank transactions through mobile phones, while RuPay is domestically designed global card payment network.