UPI has transformed financial inclusion: former RBI Governor
Former RBI Governor D. Subbarao praised India's Unified Payments Interface (UPI) for revolutionizing financial inclusion and establishing India as a digital payment leader. The comments were made during the launch of a book documenting the 10-year history of the platform.
Why it matters
UPI's success serves as a global case study for how public digital infrastructure can drive economic transformation and financial access in developing nations.
Former Governor of the Reserve Bank of India (RBI) D. Subbarao on Saturday said UPI may look like an inevitable revolution today but it is the result of years of institutional choices, technological innovation and determined execution.
Speaking at the release of a book ‘Cashless Nation: How UPI Changed Everything’ authored by Santanu Paul and B. Sambamurthy, he said UPI is not just a new payment product. It is a new payment ecosystem — an open, interoperable public infrastructure that has transformed financial inclusion and enabled unprecedented private innovation.
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