FM Sitharaman Speaks at a Seminar about the Effectiveness of Aadhaar-Enabled DPI

By: WE Staff | Friday, 24 February 2023

Union Finance Minister Nirmala Sitharaman, Indonesian Finance Minister Sri Mulyani Indrawati, International Monetary Fund Managing Director Kristalina Georgieva, Governor of the Brazilian Central Bank Roberto de Oliveira Campos, and General Manager of the Bank for International Settlements Neto Agustin Carstens all attended the symposium, which was moderated by Infosys co-founder Nandan Nilekani.

Sitharaman discussed how the Aadhaar-enabled digital public infrastructure in India, including the Unified Payments Interface (UPI), CoWin, Account Aggregator, and eKYC, has helped to revolutionise the country's economy and give millions of people more power.

The method of electronically validating the customer's credentials is known as electronic KYC, sometimes known as paperless KYC.

There were incisive conversations on inclusive growth, resilience, and innovation during the high-level symposium on DPI. The three sessions of the two-day FMCBG meeting will cover topics such improving multilateral development banks, funding for resilient, inclusive, and sustainable "cities of future," and using digital public infrastructure (DPI) to increase financial inclusion and productivity.

A preview of the RBI's digital currency was also shown in conjunction with the FMCBG conference. The Reserve Bank of India (RBI) issues the Digital Rupee (CBDC), India's Central Bank Digital Currency (CBDC), as a digital token that serves as legal tender and is regarded as fiat money. The denominations of Digital Rupee are the same as those of the present paper money and coins.