RBI Governor Champions India's Digital Model for Global Inclusion
- RBI Governor urges global adoption of India’s digital public platforms
- Credits Aadhaar, UPI, and DEPA for boosting financial inclusion and governance
- India helping other nations adopt its digital frameworks and payment systems
RBI Governor Sanjay Malhotra has called on central banks and governments around the world to embrace digital public platforms (DPPs) as a way to build stronger, more inclusive economies. Speaking at a global event titled 'Forging Economic Resilience through Digital Public Platforms', he highlighted India’s success in using secure, open digital systems to drive financial access and efficiency.
Malhotra praised India’s digital infrastructure, including Aadhaar, UPI, and DEPA, for transforming access to financial and public services. With Aadhaar now covering over 1.3 billion people, and 316 million bank accounts opened for women, he said the platforms have played a key role in financial inclusion.
He also noted that direct benefit transfers of over $500 billion have been delivered with minimal leakage, while UPI now processes 20 billion transactions a month, making up 85% of all digital payments in India. Studies show that every 1% rise in UPI transactions leads to a 0.03% increase in GDP growth, Malhotra added.
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He described these platforms as public goods, developed not for profit but to foster innovation and private participation. Malhotra also emphasized India’s efforts to share its digital frameworks globally, including MOSIP, which helps other countries build secure digital identity systems.
India is also linking UPI with global payment systems like Singapore’s PayNow and supporting cross-border digital payments. Malhotra urged global cooperation to create a financially inclusive and digitally resilient world.
