Payment and Settlement Systems

1. It is a pleasure to welcome all of you to this High-Level Dialogue on Forging Economic Resilience through Digital Public Platforms (DPPs). 2. Thank you for accepting our invitation to be a part of this dialogue. As key decision makers of your esteemed institutions, entrusted with safeguarding the economic heath and resilience of your respective economies, your presence amidst us today adds great value to this occasion. 3. I expect an enriching and fruitful discussion on today’s topic. It is of critical importance, as it has the potential to significantly enhance the economic well-being of our people.

Ladies and gentlemen, Good Morning. At the outset, let me thank the organisers for inviting me to deliver the keynote address at this milestone event and congratulate Trans Union CIBIL (TU CIBIL) on its 25th anniversary. Credit reporting and TU CIBIL have grown together in India and the company has made a significant contribution in expanding the footprint of credit reporting in the country.

Digital Payments – Background and benefits 1. Payments are the lifeblood of commerce, enabling the flow of goods and services in an economy. They connect people, empower individuals and businesses, and drive economic growth. Quick, secure and reliable payments at affordable prices are the bedrock for a vibrant economy. Payments through digital modes support economic growth. They also deepen financial inclusion by overcoming barriers like high transaction costs and geographical limitations . In effect, digital payments are not just convenient but are also a powerful tool for economic empowerment and growth.

Central Banks are often viewed as traditional institutions that set monetary policies, issue currencies and regulate and supervise the financial sector segments and entities. For every economy to grow steadily and efficiently, this characteristic of a central bank is very important. Being a full service central bank, the RBI also plays a developmental role and is looked upon as a residual regulator as well. 2. RBI has been able to perform its varied roles with require

Good morning. 1. Fintech, or technology that provides digital financial services is transforming the provision and delivery of financial services. At its most basic level digital technology enables speed – speed in processing information and speed in communication. Processing speed has reduced cost and time for transactions while communication speed has enhanced connectivity of systems expanding the reach of transactions. Taken together, digital technology is changing

I am extremely happy to participate in NITI Aayog’s FinTech Conclave 2019 and share my thoughts on the technological revolution that is shaping the future of finance. I am particularly thankful to Shri Amitabh Kant, CEO of NITI Aayog for having invited me to such an august gathering. As I understand, this Conclave is woven around the theme of Indian FinTech ecosystem as well as steps required to help achieve the potential that the sector offers towards growth, employm