RBI Governor champions India’s digital public platforms as blueprint for global economic resilience

Reserve Bank of India Governor Sanjay Malhotra called on central banks and governments globally to adopt digital public platforms (DPPs) for building economic resilience and inclusive growth. He highlighted the success India has achieved in leveraging open, interoperable, and secure digital infrastructure to drive financial inclusion and improve governance.

Speaking at a high-level dialogue titled “Forging Economic Resilience through Digital Public Platforms”, the RBI governor credited India’s digital ecosystem—anchored in Aadhaar, the Unified Payments Interface (UPI), and the Data Empowerment and Protection Architecture (DEPA)—for revolutionising how citizens access financial and public services. “Aadhaar today has over 1.3 billion users. Using this platform, over 566 million bank accounts have been opened—316 million of them belonging to women,” Malhotra said, a testament to the success India has achieved in financial inclusion.

Malhotra said that direct benefit transfers worth more than $500 billion have reached beneficiaries seamlessly, minimising leakage and fraud. The UPI system, which now facilitates approximately 20 billion transactions a month, valued at over $280 billion, accounts for nearly 85% of all digital payments in India. Studies cited by the Governor show that higher UPI adoption correlates with lower cash demand and a 0.03% increase in GDP growth for every 1% rise in transaction volume.

In his address, Malhotra described digital platforms as “public goods with private participation”. He averred that India’s DPPs were built without profit motives but foster competition and innovation through private involvement. He credited startups and developers for expanding digital markets and strengthening the ecosystem’s inclusivity and scalability.

The RBI governor also highlighted India’s willingness to share digital frameworks globally under the principle of Vasudhaiva Kutumbakam—“the world is one family.” He cited the Modular Open-Source Identity Platform (MOSIP), developed by India to help other countries adopt secure digital identity systems. Over 27 nations are already adopting or exploring MOSIP-based solutions.

In the digital payments domain, Malhotra said that India has begun linking UPI with global payment networks such as Singapore’s PayNow and is enabling cross-border merchant payments via UPI QR codes. Moreover, he said that India is assisting partner countries in developing UPI-like sovereign payment systems through bilateral agreements and technology transfers.

Malhotra stated that digital payments in India have had a transformative impact on welfare, payments, and inclusion. “Digital Public Platforms have proved central to inclusive growth in India. We are committed to sharing our model to help countries accelerate digital transformation,” he said. He also urged international cooperation for a “digitally empowered and financially resilient global economy”.