Reserve Bank of India (RBI) Governor Shaktikanta Das emphasized the central bank's ongoing efforts to strengthen the country's financial sector by leveraging digital public infrastructure (DPI) and emerging technologies. Speaking at the RBI@90 Global Conference on 'Digital Public Infrastructure and Emerging Technologies,' Das highlighted key initiatives, including the Unified Lending Interface (ULI) and Central Bank Digital Currency (CBDC).

Das noted that India’s Unified Payments Interface (UPI) has become a robust, cost-effective real-time payment system, attracting global interest. He suggested that UPI could evolve into a more efficient alternative for cross-border remittances, starting with small-value personal transactions. This comes at a time when remittances to India are projected to grow steadily, reaching USD 129 billion by 2025.

The Governor expressed optimism about the RBI's future, particularly as it approaches its 100th anniversary. He stressed that the central bank is continuously working on policies and systems to make the financial sector more resilient, nimble, and customer-focused. He also pointed out that DPI has been instrumental in enabling India to achieve rapid financial inclusion, a process that would have otherwise taken decades.

Das discussed the importance of AI in the financial sector, highlighting its potential to deliver personalized services and streamline operations. However, he also cautioned against the challenges, particularly concerning data privacy, ethical governance, and the risk of misinformation. He emphasized the need for careful adoption of AI, especially in critical areas like loan sanctioning, to ensure fairness and prevent bias.

Looking ahead, Das mentioned the potential of CBDC and fast payment systems to enhance cross-border payments. He underscored the importance of interoperability as a key design element to maximize efficiency in these initiatives, which could transform global financial transactions.

In closing, Das envisioned a revolutionary step forward in India's digital infrastructure, driven by the "new trinity" of JAM (Jan Dhan-Aadhaar-Mobile), UPI, and ULI.

Reserve Bank of India (RBI) Governor Shaktikanta Das emphasized the central bank's ongoing efforts to strengthen the country's financial sector by leveraging digital public infrastructure (DPI) and emerging technologies. Speaking at the RBI@90 Global Conference on 'Digital Public Infrastructure and Emerging Technologies,' Das highlighted key initiatives, including the Unified Lending Interface (ULI) and Central Bank Digital Currency (CBDC).

Das noted that India’s Unified Payments Interface (UPI) has become a robust, cost-effective real-time payment system, attracting global interest. He suggested that UPI could evolve into a more efficient alternative for cross-border remittances, starting with small-value personal transactions. This comes at a time when remittances to India are projected to grow steadily, reaching USD 129 billion by 2025.

The Governor expressed optimism about the RBI's future, particularly as it approaches its 100th anniversary. He stressed that the central bank is continuously working on policies and systems to make the financial sector more resilient, nimble, and customer-focused. He also pointed out that DPI has been instrumental in enabling India to achieve rapid financial inclusion, a process that would have otherwise taken decades.

Das discussed the importance of AI in the financial sector, highlighting its potential to deliver personalized services and streamline operations. However, he also cautioned against the challenges, particularly concerning data privacy, ethical governance, and the risk of misinformation. He emphasized the need for careful adoption of AI, especially in critical areas like loan sanctioning, to ensure fairness and prevent bias.

Looking ahead, Das mentioned the potential of CBDC and fast payment systems to enhance cross-border payments. He underscored the importance of interoperability as a key design element to maximize efficiency in these initiatives, which could transform global financial transactions.

In closing, Das envisioned a revolutionary step forward in India's digital infrastructure, driven by the "new trinity" of JAM (Jan Dhan-Aadhaar-Mobile), UPI, and ULI.