At the 6th Global FinTech Fest in Mumbai, RBI Governor Shri Sanjay Malhotra highlighted India’s pioneering journey in digital public infrastructure (DPI) and FinTech, showing how technology is expanding financial access and enabling sustainable growth. His keynote outlined both achievements and the next phase of innovation for inclusive, data-driven finance.

Malhotra underscored three critical layers of DPI that have transformed financial inclusion:

• Identity Layer: Aadhaar, with over 1.4 billion enrolments, enables instant authentication, electronic KYC, and participation in formal financial systems, powering programs like Direct Benefit Transfer.

• Payments Layer: AePS and UPI bring banking and payments to every corner of India, with UPI alone serving nearly 490 million users across 20 billion monthly transactions—about half of global real-time payments.

• Data Layer: Digitisation of government services, including income tax and GSTN, accelerates service delivery, while DigiLocker, with 590 million users, ensures secure digital document storage.

India's FinTech ecosystem now includes over 10,000 companies with USD 40 billion in cumulative investments. Complemented by DPI, skilled technology talent, and supportive policies, these FinTechs are scaling rapidly to solve both current and future financial challenges.

RBI engagement has been intensive: platforms such as FinTeract and Finquiry reached over 1,700 participants in FY 2024-25. Additionally, a FinTech Self-Regulatory Organisation (SRO) sets baseline governance and industry best practices for unregulated entities, fostering safe and standardised growth.

Governor Malhotra highlighted five key areas shaping the future:

1. Financial Data Aggregation – Account Aggregator (AA): 17 AAs, 650 Financial Information Users, 150 Financial Information Providers, and 160 million accounts facilitate 3.66 billion data requests. RBI is introducing standards to enhance onboarding, consent management, and data security.

2. Unified Lending Interface (ULI): Covering 120 data sources and 58 lenders, ULI has enabled 3.2 million loans worth ₹1.75 trillion, expanding credit to previously underserved borrowers.

3. Digital Rupee (e₹): India’s retail CBDC, interoperable with UPI, serves 7 million users and 19 banks. Programmable features enable targeted subsidies, such as Gujarat’s G-SAFAL and Andhra Pradesh’s DEEPAM 2.0 programs.

4. Asset Tokenisation – Unified Markets Interface (UMI): Early pilots using wholesale CBDC for Certificates of Deposit demonstrate improved market efficiency.

5. AI and Fraud Prevention: AI enhances DPI efficiency and user experience, while tools like MuleHunter.ai and the Digital Payments Intelligence Platform provide real-time fraud detection. Security initiatives include two-factor authentication, card tokenisation, dedicated internet domains, and regulated numbering series.