RBI Governor Emphasizes Digital Financial Inclusion and Global Fintech Integration

Reserve Bank Governor Shaktikanta Das, at the Global Fintech Fest 2024, highlighted the importance of making UPI and RuPay global. He stressed the need for robust frameworks, digital financial inclusion, and international cooperation. Das also discussed the pilot stage of India's CBDC and introduced the Unified Lending Interface (ULI) for frictionless credit.

Reserve Bank Governor Shaktikanta Das on Wednesday emphasized the central bank's focus on making the UPI and RuPay 'truly global' and called on financial institutions and fintech startups to adopt robust frameworks to capitalize on new opportunities while managing risks.

Speaking at the Global Fintech Fest 2024, Das outlined digital financial inclusion, digital public infrastructure (DPI), consumer protection, cybersecurity, sustainable finance, and global integration as the RBI's five priority areas. Strengthening financial infrastructure, including cross-border payment systems, he noted, will be key as India aims to become a global hub for digital innovation and fintech startups.

The RBI's pilot stage for India's CBDC serves as an example of potential international cooperation, Das said. He highlighted the importance of balancing innovation with prudent regulation, encouraging self-regulation within the fintech sector. He also introduced initiatives like the Unified Lending Interface (ULI) to promote end-to-end digital credit.