Sanjay Malhotra, Governor, Reserve Bank of India has stated that digital Public Platforms have proved to be central to inclusive growth in India. He noted in a speech that the impact of such platforms on welfare transfers, democratisation of payments and deepening of financial inclusion has, indeed, been transformative. During India's G20 Presidency, Digital Public Platforms were formally defined as a set of shared digital systems built upon minimal, modular digital building blocks that can be utilized by governments, businesses, academia, and civil society to facilitate society-wide development.

India's Digital Public Platforms constitute a well-structured, multi-layered system of interconnected digital building blocks including digital identity through Aadhaar, instant payment systems via the Unified Payments Interface (UPI), and secure data sharing through the Data Empowerment and Protection Architecture (DEPA). Around 85% of the digital payment transactions in India today are carried out through UPI. About 20 billion transactions are made using UPI every month, representing value equivalent to over 280 billion USD, he noted further.

Powered by Capital Market - Live News