"RBI played significant role in widespread adoption of UPI": RBI Governor Shaktikanta Das
Feb 12, 2024
New Delhi [India], February 12 : Reserve Bank of India (RBI) Governor Shaktikanta Das underscored the role played by the RBI in fostering the widespread adoption of Unified Payments Interface (UPI) in India.
He emphasized the institution's commitment to supporting the fintech sector through initiatives such as the regulatory sandbox, which provides a platform for the trial of innovative ideas, technologies, and fintech applications.
Governor Das stated, "If you examine our track record over the past several years, the RBI has played a significant role in the widespread adoption of UPI. We have also introduced a regulatory sandbox, allowing for the trial of new and innovative ideas, technologies, or fintech applications. By testing these in the regulatory sandbox and obtaining authorization from the RBI, entities can progress and develop their innovations."
Furthermore, Das highlighted the RBI's objective of ensuring the continued growth of the fintech sector while prioritizing customer interests and maintaining financial stability.
Operating in a regulated environment, according to Governor Das, necessitates adherence to specific regulations to conduct business responsibly.
Addressing the economic outlook, Governor Das expressed confidence in achieving a 7 per cent GDP growth for the fiscal year 2024-25. Additionally, he highlighted a global trend, predicting that the global debt to GDP ratio is expected to surpass 100 per cent by 2030.
Governor Das said, "We are confident 7 per cent GDP for 2024-25. Global debt to GDP is expected to cross 100 per cent by 2030".
Furthermore, Das highlighted the expansion of the RuPay card facility in Mauritius. Indian travelers to Mauritius can utilize the RuPay card for payments and cash withdrawals at ATMs. Similarly, Mauritius citizens will be issued RuPay cards by local banks. This move signifies India's commitment to enhancing the digital infrastructure footprint, aligning with G20 objectives.
India's collaboration with Mauritius marks the third such arrangement within the South Asian Association for Regional Cooperation (SAARC), following similar agreements with Nepal and Bhutan.
Governor Das concluded by reaffirming that these measures are in pursuit of the G20 objective agreed upon during the Indian presidency to increase the footprint and role of digital infrastructure across nations.
