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Informist, Thursday, Oct. 16, 2025

 

MUMBAI – India is fully committed to global collaboration on its digital public platforms, Reserve Bank of India Governor Sanjay Malhotra said Thursday. India is willing to share its model to help other countries accelerate their digital transformation, Malhotra said, speaking at an event on the sidelines of the World Bank and International Monetary Fund annual meetings in Washington.

 

Malhotra was speaking at an event organised by the RBI on digital public platforms. "India is an excellent example of how digital public platforms can impart tangible economic benefits and materially improve the lives of our citizens,"  Malhotra said in his opening remarks at the event on Tuesday.

 

The Modular Open-Source Identity Platform developed by India for digital identity allowed 27 other countries to build their own digital identification systems, he said. The RBI governor highlighted the linkage of Unified Payments Interface to Singapore's fast payment system, and said work on this was in progress both bilaterally and multilaterally.

 

Another strategic approach taken by India was enabling cross-border merchant payments through UPI via Quick-Response codes, with work in progress for enabling this in a few more countries for both offline and e-commerce payments. This is live in both France and Japan. In addition to UPI, the RBI governor also pointed to the success of Aadhaar for digital identification and subsidy payments, enhancing financial inclusion.

 

"These efforts will also promote cross-border trade and payments, while encouraging efficiency, improving customer experience, and reducing cost," Malhotra said, according to his remarks uploaded on the RBI website.

 

Private sector participation in the innovation and enhancement of such platforms has contributed to the maturity of the ecosystem around the digital payment platforms while maintaining the core principles of accessibility, inclusivity, and public benefit, he said. Every 1% increase in digital payments through UPI leads to a 0.03% increase in GDP growth, Malhotra said, citing a study from the Observer Research Foundation.   End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Janwee Prajapati

Edited by Saji George Titus

 

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