RBI@90 Global Conference

Indian Innovations

The event featured presentations on Aadhar, Unified Payments Interface, Structured Financial Messaging System, Central Bank Digital Currency, and Unified Lending Interface, exploring each product’s features, impact, and future potential through detailed showcases.

Mr. S. Krishnan

Special Address - The Road to Digital India – Key Enablers

Secretary, Ministry of Information and Technology,
Government of India

Presenters

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Digital Public Infrastructure & Inclusion

Digital Public Infrastructure (DPI) has contributed significantly in transforming global finance and enhancing financial inclusion. DPI's influence extends to broader economic growth, as noted by the UNDP, which suggests that adopting inclusive DPI can boost GDP growth in low and middle-income countries by 20-33%. DPI also spurs innovation, especially in FinTech, where it supports the creation of new financial products for underserved markets.

Shri Nandan Nilekani

Special Address - DPI and Inclusion

Founding Chairman of UIDAI and Founder & Ex-Chairman of Infosys Ltd

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Cross Border Payments

Fast payment systems (FPS) have been steadily on the rise across the world, transforming the domestic payments ecosystems with instant, cost-effective payment options. However, cross-border payments, are still afflicted with challenges of slow speed, high cost, limited access and low transparency. The panel shed light on advancements in this exciting but complex area of cross-border payments.

Mr. Agustin Carstens

Special Address - Cross Border Payments

General Manager, Bank for International Settlements

Panelists

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Deep Dive on UPI

The session showcased UPI's potential for cross-border payments, with RBI and NPCI officials leading deep-dive discussions on its interoperability, openness, and inclusivity. The workshop supported India's G20 Presidency priorities, emphasizing UPI's global payment impact.

Mr. T. Rabi Sankar

Special Address - Workshop on UPI

Deputy Governor, RBI

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Emerging Technologies (AI/ML) in Financial Services

While learning models has been used in credit scoring, fraud detection, and algorithmic trading, recent advancements in deep learning, coupled with availability of digital data and computational resources has sparked a new wave of innovation by the way of AI and ML. These technologies excel in natural language processing, pattern recognition, and reinforced learning, enabling institutions to extract actionable insights at unprecedented speed and accuracy. 'However, the industry faces critical challenges, including data privacy, ethical AI governance, operational risks.'

Mr. Denis Beau

Special Address - Emerging Technologies (AI/ML) in Financial Services

First Deputy Governor of the Bank of France

Panelists

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Central Banking Roundtable

The global conference featured a dynamic ‘Central Banking Roundtable-Cross Country experience sharing' session on August 27. Representatives from various countries central Banks such as Mauritius, Zimbabwe, Angola, Colombia, Peru, Ethiopia, Sri Lanka and Uruguay engaged in an interactive dialogue, presenting significant innovation initiatives in their respective financial sectors. The focus areas included digital public infrastructure, payment systems, Central Bank Digital Currencies, the application of emerging technologies like AI and machine learning, and regulatory measures for consumer protection. This collaborative session aimed to foster knowledge sharing among central banks, providing valuable insights into current trends in financial innovation.

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Exhibitions

Explore cutting-edge innovations like Aadhaar, CBDC, DigiLocker, TReDS, ULI, and UPI at the Experience Centres, showcasing advancements in digital infrastructure and emerging technologies.

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The Global Conference on Digital Public Infrastructure (DPI) and Emerging Technologies was held during August 26-27, 2024, in Bengaluru as a marquee event of the celebrations of 90th year of establishment. This event was hosted collectively by Department of Payment and Settlement Systems, Department of Information Technology, Department of Regulation and FinTech Department on August 26-27, 2024 at Bengaluru with the support extended by Bengaluru Regional Office.
The Conference was inaugurated by the Governor of RBI, Shri Shaktikanta Das and in his address Governor emphasized on the DPI's role in advancing financial inclusion through initiatives like Aadhaar, Jan Dhan accounts, UPI and Account Aggregator. The highlight of the address was that the launch of Unified Lending Interface (ULI), would form the ‘New Trinity’ of JAM-UPI-ULI marking a revolutionary step forward in India’s DPI journey. The Governor also touched on the potential of AI in financial services while underscoring the importance of its responsible adoption. Further, he stressed on the need to improve cross-border payments, advocating for greater efficiency and interoperability through adoption of technology based solutions.
Shri. S. Krishnan, Secretary, Ministry of Electronics and Information Technology, Government of India , made a special address on the topic ‘The road to Digital India-Key Enablers’ which highlighted the transformative journey of Digital India and its key elements. This was followed by presentations highlighting India's digital transformation initiatives, such as Aadhar, UPI, IT initiatives, CBDC and ULI. The Conference also featured Innovation Pavilions on major Indian innovations including CBDC, ULI, Digital India, Aadhaar, UPI, TReDS and SFMS.
Shri Nandan Nilekani, founding Chairperson of UIDAI, made a special address for the Panel on ’Digital Public Infrastructure and Inclusion’ and highlighted India’s unique initiatives in this field and the contributions made by RBI in this regard. The panel explored DPI's potential to drive national priorities, enhance efficiencies across sectors, and expedite progress towards Sustainable Development Goals. Panelists examined how DPI initiatives like UPI, Digital Identity systems, and others can democratize access to services, promote innovation, and empower underserved communities, and highlighted the need of policy frameworks for maximizing DPI's transformative impact.
Mr. Denis Beau, First Deputy Governor of Banque De France, made a special address, for the panel on ‘Emerging Technologies (AI/ML in Financial Services) - Opportunities and Challenges’. The panel discussion delved into the potential for AI to transform financial services and explored how AI can optimize decision-making, enhance risk management, and improve regulatory compliance. The panel also touched upon the various choices for central banks in this fast evolving area.
Mr. Augustin Carstens, General Manager, Bank of International Settlements, made a special address, for the panel on ’Cross Border Payments – Unlocking New Frontiers’. The panel which was moderated by Shri T. Rabi Sankar, Deputy Governor, RBI, discussed technological innovations and regulatory frameworks that can efficiency to cross-border transactions. It also examined the potential impact of CBDCs on international payments, the role of interlinking of fast payment systems, and strategies to enhance cross-border payment infrastructure for smoother global financial flows.
In the ‘Central Banking Roundtable’, senior delegates from various Central Banks made presentations on significant innovation initiatives of their respective country. Their presentations focussed on areas such as DPI, payment systems, CBDCs, application of emerging technologies and regulatory measures for consumer protection. A thematic event focussing on UPI was also organised for international participants by DPSS, CO, as an adjunct event.
The Conference also showcased the cultural heritage of India to the international and Indian dignitaries. The event received very good feedback from both international and domestic participants as well as speakers/panellists.