Mumbai: Reserve Bank of India (RBI) Governor Shaktikanta Das said on Wednesday that efforts are being made to make UPI and RuPay truly international. He said that the central bank's focus is on making both of them truly global.

Speaking at the Global Fintech Fest 2024, Governor Das said the Reserve Bank's focus is on financial inclusion, digital public infrastructure (DPI), consumer protection and cybersecurity, sustainable finance and strengthening global integration of financial services.

Financial infrastructure will be strong

He said India is actively engaged in international forums and bilateral agreements to enhance economic cooperation with many countries and strengthening the financial infrastructure, including cross-border payment systems, will be a key focus area of ​​the RBI.

Das said that India, with its technological talent and developed financial fintech ecosystem, has the potential to serve as a global hub for digital innovation and fintech startups, forge and strengthen strategic partnerships, strengthen commitment to international collaboration, and develop best practices in the industry.

"We are now focused on making UPI and RuPay truly global," Governor Das said.

He further added that significant progress has already been made in this direction, with Bhutan, Nepal, Sri Lanka, Singapore, UAE, Mauritius, Namibia, Peru, France and some other countries accepting payments through RuPay cards and UPI network.

$6 billion invested in fintech sector

He said these efforts underline the collaborative efforts to adopt India's initiatives across the world. Referring to the FinTech sector, he said about US$ 6 billion has been invested in this sector in the last two years.

Das said India is now a fast-growing economic superpower and emphasised that financial institutions and fintechs must quickly adopt a robust framework to take advantage of new opportunities and mitigate risks.