Reserve Bank Governor Shaktikanta Das announced on Wednesday that efforts are underway to make UPI (Unified Payments Interface) and RuPay "truly global" as part of the central bank's future priorities. Speaking at the Global Fintech Fest 2024, Das highlighted key focus areas for the Reserve Bank of India (RBI), including financial inclusion, strengthening digital public infrastructure (DPI), consumer protection, cybersecurity, sustainable finance, and the global integration of financial services.

Das emphasized that India is actively engaged in international forums and bilateral agreements to enhance economic cooperation with various countries. A significant focus for the RBI will be the development of robust financial infrastructure, including cross-border payment systems.

He pointed out that India, with its strong technological capabilities and a mature fintech ecosystem, has the potential to become a global hub for digital innovation and fintech startups. The RBI's goal is to build and strengthen strategic partnerships, reinforce its commitment to international cooperation, and develop institutions of excellence.

"We are now focusing on making UPI and RuPay truly global," Governor Das stated. He noted that significant progress has already been made, with countries like Bhutan, Nepal, Sri Lanka, Singapore, the UAE, Mauritius, Namibia, Peru, and France adopting RuPay cards and UPI payments.

Das highlighted that these initiatives reflect collaborative efforts to extend India's digital payment innovations to the global stage. He also mentioned that the fintech sector in India has attracted approximately USD 6 billion in investments over the past two years.

Addressing the gathering, Das stressed that as India emerges as a rapidly growing economic powerhouse, financial institutions and fintech companies must adopt robust frameworks to capitalize on new opportunities and manage risks effectively. He further noted that digital financial inclusion offers unique advantages in terms of scalability and cost-effectiveness.

Das also introduced the concept of the "new trinity" of JAM-UPI-ULI, calling it a revolutionary step forward in India's digital infrastructure journey.

Reserve Bank Governor Shaktikanta Das announced on Wednesday that efforts are underway to make UPI (Unified Payments Interface) and RuPay "truly global" as part of the central bank's future priorities. Speaking at the Global Fintech Fest 2024, Das highlighted key focus areas for the Reserve Bank of India (RBI), including financial inclusion, strengthening digital public infrastructure (DPI), consumer protection, cybersecurity, sustainable finance, and the global integration of financial services.

Das emphasized that India is actively engaged in international forums and bilateral agreements to enhance economic cooperation with various countries. A significant focus for the RBI will be the development of robust financial infrastructure, including cross-border payment systems.

He pointed out that India, with its strong technological capabilities and a mature fintech ecosystem, has the potential to become a global hub for digital innovation and fintech startups. The RBI's goal is to build and strengthen strategic partnerships, reinforce its commitment to international cooperation, and develop institutions of excellence.

"We are now focusing on making UPI and RuPay truly global," Governor Das stated. He noted that significant progress has already been made, with countries like Bhutan, Nepal, Sri Lanka, Singapore, the UAE, Mauritius, Namibia, Peru, and France adopting RuPay cards and UPI payments.

Das highlighted that these initiatives reflect collaborative efforts to extend India's digital payment innovations to the global stage. He also mentioned that the fintech sector in India has attracted approximately USD 6 billion in investments over the past two years.

Addressing the gathering, Das stressed that as India emerges as a rapidly growing economic powerhouse, financial institutions and fintech companies must adopt robust frameworks to capitalize on new opportunities and manage risks effectively. He further noted that digital financial inclusion offers unique advantages in terms of scalability and cost-effectiveness.

Das also introduced the concept of the "new trinity" of JAM-UPI-ULI, calling it a revolutionary step forward in India's digital infrastructure journey.