Reserve Bank of India (RBI) Governor Sanjay Malhotra addressed the Global Fintech Fest 2025 in Mumbai on October 8, 2025, outlining the central bank’s vision for inclusive and sustainable growth through Digital Public Infrastructure (DPI) and FinTech innovation. In his keynote speech, Malhotra highlighted how India’s digital transformation rests on three layers: identity, payments, and data, which together underpin the country’s financial inclusion efforts.
He noted that the Aadhaar ecosystem, Unified Payments Interface (UPI), and platforms like DigiLocker and GSTN have created a strong digital foundation enabling access and innovation at scale. Additionally, he emphasized the symbiotic role of India’s 10,000-plus FinTech firms, supported by over $40 billion in investments in the last decade, in expanding financial services to underserved populations.
The Governor also outlined five priority areas shaping the next phase of India’s digital journey: data aggregation, the digital rupee, asset tokenization, artificial intelligence, and digital fraud prevention. Stressing the importance of trust, inclusion, and responsible innovation, Malhotra said the coming decade would focus on deepening financial access while ensuring the security and stability of India’s rapidly evolving digital ecosystem.
DPI, Fintech, And India’s Growth
The Governor described DPI as the primary driver driving India’s digital transformation over the past decade. He said DPI rests on three foundational layers that have collectively addressed barriers to inclusion and enabled innovation at scale:
- Identity layer: Anchored by Aadhaar, with over 1.4 billion enrollments, it enables instant authentication and facilitates the opening of bank accounts through e-KYC. It also powers the government’s Direct Benefit Transfer (DBT) system, which channels subsidies and welfare directly into beneficiary accounts.
- Payments layer: Systems such as the Aadhaar Enabled Payment System (AePS) and UPI translate identity into action. UPI alone supports around 490 million unique users, executing nearly 20 billion transactions per month, which accounts for almost half of global real-time payment volumes.
- Data layer: The digitalisation of government departments has revolutionised service delivery. For instance, income tax returns are now processed in about 10 days, with many refunds issued within 24 hours. Similarly, the Goods and Services Tax Network (GSTN) integrates data from 28 states and 8 Union Territories, while DigiLocker, with over 590 million users, enables citizens to store and share documents securely.
Malhotra further noted that India’s FinTech ecosystem complements DPI by rapidly scaling solutions for inclusion and efficiency. The RBI, he said, engaged with the sector through nearly 500 interactions in FY 2024–25, along with structured platforms like FinTeract and Finquiry, which have reached more than 1,700 FinTech representatives…
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