Technology may drive fulfillment of every citizen's aspirations: RBI Guv

India is on the brink of a transformation, with technology expected to drive the fulfillment of every citizen's aspirations, said Shaktikanta Das, governor, the RBI

By Connect Gujarat Desk 31 Aug 2024 in Technology

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Technology may drive fulfillment of every citizen's aspirations: RBI Guv

India is on the brink of a transformation, with technology expected to drive the fulfillment of every citizen's aspirations, said Shaktikanta Das, governor, the Reserve Bank of India, on Friday.

He said that from mobile banking and digital payments to AI-driven lending and blockchain innovations, the fintech ecosystem is continually evolving to meet the diverse needs of India's expanding economy.

He said that collaboration between policymakers, regulators, and innovators has been the cornerstone of India’s fintech journey. Success stories like Aadhaar, UPI, and DigiLocker are the direct outcomes of these collaborative efforts.

New initiatives, such as the Account Aggregator framework, Unified Lending Interface (ULI), and Open Credit Enablement Network (OCEN), are poised to transform credit access, especially for small businesses and individuals.

He said that the RBI’s regulatory frameworks have enabled new and innovative businesses to grow in a structured and sustainable manner, reflecting the commitment to fostering innovation with prudence.