Reserve Bank of India (RBI) Governor Shaktikanta Das announced on Monday that the central bank is actively developing policies, systems, and platforms to strengthen the financial sector, making it more agile and customer-focused.
Speaking at the Global Conference on Digital Public Infrastructure and Emerging Technologies, part of the RBI@90 initiative, Das emphasised the critical role that Digital Public Infrastructure (DPI) and emerging technologies will play in shaping the global economy.
DPI, which encompasses public sector-created technology systems that are openly accessible to users and developers, has been instrumental in India’s rapid financial inclusion progress.
According to Das, the country's adoption of DPI has achieved in under a decade what would have otherwise taken several decades.
Highlighting the ongoing technological transformation within the banking sector, Das noted that this trend is expected to intensify in the coming years.
He also discussed the RBI's pilot launch of a technology platform designed to facilitate frictionless credit, which will be named the 'Unified Lending Interface' (ULI).
The ULI platform enables the seamless transfer of digital information, including land records from various states, to lenders. Das stated that a nationwide rollout of the ULI will follow the successful pilot.
Additionally, the Governor highlighted the potential of the Unified Payments Interface (UPI) to become a cost-effective and faster alternative to current cross-border remittance channels. However, Das also cautioned financial institutions to be vigilant about the risks associated with Artificial Intelligence.
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