Summary:

Mr. Michael Debabrata Patra, Deputy Governor of the RBI, stated that India is leading the digital revolution, with financial technology driving the growth of digital payments. He highlighted that the digital sector contributes 10% of India's GDP and is expected to reach 20% by 2026. India's robust digital public infrastructure, IT sector, young population, and large AI talent pool position it to capitalize on new growth opportunities in the coming years.

Digitalization is revolutionizing Indian finance, with 75% of banks offering online account opening, KYC services, and doorstep banking. Sixty percent provide digital lending, 50% offer payment aggregators, and 41% use chatbots. The industry has saved 14,500 person-days per month, reduced customer acquisition costs by 25-30%, and cut paper usage by 84 tonnes. India is collaborating with global organizations on initiatives like Project Nexus and mBridge to explore open finance. Under India's G20 presidency, the RBI focuses on financial inclusion, customer protection, and sustainable finance.

Source: IBEF 

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