UPI & RuPay readies for Global Growth expansion: RBI Governor Shaktikanta Das
Shaktikanta Das, Governor of the Reserve Bank, stated on Wednesday that the central bank is focused on making the UPI and RuPay "truly global." He also urged financial institutions and fintech startups to adapt robust frameworks in order to take advantage of the new opportunities while reducing the risks associated with them.
The governor stated that the five areas of the Reserve Bank's priority are digital financial inclusion, digital public infrastructure (DPI), consumer protection and cyber security, sustainable finance, and global integration and cooperation. Das stated that India, with its tech talent and developed fintech ecosystem, holds the potential to serve as a global hub for digital innovation and fintech startups, and that strengthening financial infrastructure, including cross-border payment systems, will be a key focus area.
He went on to say that the right impetus for our journey toward 2047 would come from developing institutions of excellence in the fields of technology and innovation across a wide range of fields, including financial services, reinforcing the commitment to international cooperation, and building and strengthening strategic partnerships.
Das stated, "We are now focusing on making the UPI and RuPay truly global. Based on the encouraging response we have received from several jurisdictions, we are now focusing on doing so." Brought together UPI – Unified payment interface – UPI is a moment constant payment framework to work with between bank exchanges through cell phones, while RuPay is a locally planned worldwide card payment organization.
Further Das stated, “Sustainable and orderly development of the fintech sector requires an appropriate balance between innovation and prudence. Our endeavour is to carefully craft regulations to achieve this delicate balance, while simultaneously ensuring trust, security, accessibility, risk management and competition”.
“Of the remaining two applications, one application has been returned with a provision for resubmission after meeting certain requirements. The third application is under examination”, Das added.
