- Narendra Modi has cited the RBI digital forex as a catalyst for India’s progress trajectory.
- UPI processes 20 billion transactions a month value over Rs 2,500 crore.
- India’s MOSIP has now been adopted as a worldwide public good in additional than 25 international locations.
Indian Prime Minister Narendra Modi expressed confidence within the Reserve Financial institution of India’s digital forex initiative in his speech on the World FinTech Fest 2025 in Mumbai. The Prime Minister mentioned the digital forex undertaking will strengthen India’s financial progress story.
Prime Minister Modi, at an occasion attended by UK Prime Minister Keir Starmer, emphasised that IndoStack is the inspiration of the nation’s digital financial system. Key elements embrace Unified Fee Interface, Aadhaar Enabled Fee System, Bharat Invoice Fee System, Bharat-QR, DigiLocker, DigiYatra, and Authorities e-Market.
The Prime Minister identified that UPI alone facilitates 20 billion transactions each month, with a transaction worth of over Rs 25 billion. In accordance with Prime Minister Modi’s speech, 50 of the 100 real-time digital transactions on this planet happen in India.
Open ecosystem drives monetary inclusion
Prime Minister Modi mentioned that with IndiaStack, an open community of digital commerce might help MSMEs attain the nationwide market and develop monetary entry by way of a brand new open ecosystem.
The Open Credit score Enablement Community simplifies credit score entry for micro-entrepreneurs and addresses the financing hole confronted by MSMEs. These platforms are constructed on India’s digital public infrastructure and are democratizing monetary providers.
The Prime Minister emphasised that digital know-how has remodeled banking from privilege to empowerment. He attributed this success to the JAM Trinity, which consists of Jan Dhan account, Aadhaar ID and cellular connectivity.
India has been sharing digital innovation with different international locations as a worldwide public good. Developed in India, the Modular Open Supply Id Platform (MOSIP) has been adopted by over 25 international locations to create a sovereign digital id system.
Throughout the first six months of 2025, India has entered the highest three most funded fintech ecosystems on this planet. The Prime Minister highlighted the worldwide recognition of Indian startups within the framework of interoperable QR networks, open commerce and open finance.
Collaboration between AI and fintech is increasing
Mr. Modi outlined India’s method to synthetic intelligence based mostly on rules of equitable entry, population-scale ability acquisition, and accountable adoption. India-AI Mission is creating high-performance computing capability to make sure inexpensive assets for innovators and startups.
The Prime Minister introduced deepening cooperation by way of the UK-India FinTech Hall, creating alternatives for brand spanking new start-ups to experiment and scale. Elevated cooperation between the London Inventory Alternate and GIFT Metropolis will foster monetary integration between the 2 international locations. Prime Minister Modi mentioned these initiatives will rework India’s untapped potential right into a driver for the nation’s progress story in parallel with RBI’s digital forex growth.
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