RBI Governor Shaktikanta Das said on Monday that the apex bank "incontrovertibly" worked tirelessly on various policies, systems and platforms to make the financial sector more resilient, agile and customer-friendly.
In a keynote address at the Global Conference on Digital Public Infrastructure and Emerging Technologies, which is part of the RBI@90 initiative, Das said that DPI and emerging technologies would determine the future journey of almost all economies of the world.
Broadly, DPI refers to basic technology systems created mainly in the public sector that are openly available both to users and to other developers.
Das claimed that the change traditional banking had gone through in these ten years was unprecedented. He said indications are that this process is going to get further intensified in the coming few years.
Talking about his country's experience in DPI, he added, "DPI has enabled India to achieve in less than a decade levels of financial inclusion that would have otherwise taken several decades or even more."
Referring to last year's pilot launch of a technology platform that enables frictionless credit, Das said the RBI proposes to name it Unified Lending Interface, or ULI.
He added that lenders are provided seamless digital information flow, including land records of various states, on the ULI platform from multiple data service providers.
".based on the experience gained from the pilot project, a nation-wide launch of the ULI will be undertaken in due course," Governor Das said.
He also said that the UPI system has the potential and possibility of evolving into a cheaper and quicker alternative to available channels of cross-border remittances.
The Governor also said that the financial institutions need to be abundantly mindful of the risks associated with Artificial Intelligence.
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