RBI constantly working to make financial system strong, says Das

RBI Guv recalled various initiatives being taken by RBI with regard to Unified Lending Interface (ULI) & Central Bank Digital Currency

BENGALURU: Reserve Bank Governor Shaktikanta Das on Monday said the central bank is constantly working on policies, systems, and platforms to make the country's financial sector strong, nimble and customer centric.

Addressing the RBI@90 Global Conference on 'Digital Public Infrastructure and Emerging Technologies, Das recalled various initiatives being taken by the RBI with regard to Unified Lending Interface (ULI) and Central Bank Digital Currency (CBDC).

The Governor also said that the UPI system has the potential to evolve into a cheaper and quicker alternative to the available channels of cross-border remittances and “a beginning can be made with small value personal remittances as it can be quickly implemented".

According to the Economic Survey tabled in Parliament in July, remittances to India, the second largest source of external financing after service exports, are projected to grow at 3.7 per cent to $124 billion in 2024 and at 4 per cent to reach $129 billion in 2025.

Das said the Reserve Bank of India is looking forward to the journey towards RBI@100 with considerable optimism.

"We are constantly working on devising policies, approaches, systems and platforms that will make our financial sector stronger, nimble and customer centric," he said.

Speaking on the theme of DPI and emerging technologies, he said over the last decade, the traditional banking system has undergone an unprecedented technological transformation.

By all indications, this process is likely to become even more intense in the coming years, he added.