- Narendra Modi cites RBI digital currency as a catalyst for India’s growth trajectory.
- UPI processes 20 billion monthly transactions worth over 25 lakh crore rupees.
- India’s MOSIP has now been adopted by 25+ countries as a global public good.
India’s Prime Minister Narendra Modi expressed confidence in the Reserve Bank of India’s digital currency initiative during his address at the Global Fintech Fest 2025 in Mumbai. The Prime Minister stated that the digital currency project will strengthen India’s economic growth story.
Modi highlighted India Stack as the foundation of the country’s digital economy during the event attended by UK Prime Minister Keir Starmer. Key components include Unified Payments Interface, Aadhaar Enabled Payment System, Bharat Bill Payment System, Bharat-QR, DigiLocker, DigiYatra, and Government e-Marketplace.
The Prime Minister noted that UPI alone facilitates 20 billion transactions every month with a transaction value exceeding 25 lakh crore rupees. Out of every 100 real-time digital transactions globally, 50 occur in India, according to Modi’s address.
Open Ecosystems Drive Financial Inclusion
Modi stated that India Stack has enabled new open ecosystems to expand financial access, with the Open Network for Digital Commerce helping MSMEs reach markets nationwide.
The Open Credit Enablement Network simplifies credit access for small entrepreneurs, addressing funding shortages faced by micro, small, and medium enterprises. These platforms build on India’s digital public infrastructure to democratize financial services.
The Prime Minister emphasized that digital technology has transformed banking from a privilege into empowerment. He attributed this success to the JAM Trinity consisting of Jan Dhan accounts, Aadhaar identification, and mobile connectivity.
India has shared its digital innovations with other nations as global public goods. The Modular Open-Source Identity Platform (MOSIP), developed in India, has been adopted by over 25 countries, building sovereign digital identity systems.
Within the first six months of 2025, India emerged among the top three most-funded fintech ecosystems globally. The Prime Minister highlighted that Indian startups in interoperable QR networks, open commerce, and open finance frameworks have gained worldwide recognition.
AI and Fintech Cooperation Expand
Modi outlined India’s approach to artificial intelligence, built on equitable access, population-scale skilling, and responsible deployment principles. The India-AI Mission develops high-performance computing capacity to ensure affordable resources for innovators and startups.
The Prime Minister announced deepened cooperation through the UK-India Fintech Corridor, creating opportunities to pilot and scale new startups. Enhanced cooperation between the London Stock Exchange and GIFT City will facilitate financial integration between both countries. Modi stated these efforts will change India’s untapped potential into driving forces for the nation’s growth story alongside the RBI’s digital currency development.
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Source: https://coinedition.com/modi-backs-rbi-digital-currency-showcases-india-stack-at-global-fintech-fest/
