- India is leading the digital revolution, leveraging digital public infrastructure, a vibrant financial technology (FinTech) ecosystem, and a conducive policy environment to become the world’s fastest-growing digital economy, according to the Reserve Bank of India’s Report on Currency and Finance (RCF) for 2023-24.
- Digital technologies are enhancing access to financial services. Recent improvements in efficiency and accessibility along with regulatory frameworks have increased trust in digital financial products, boosting operational and technical efficiencies.
- The challenges include safeguarding against cyber threats, protecting user information, managing external dependencies, ensuring safety and fairness for users, up-skilling and re-skilling human resources to meet technological demands, and navigating sophisticated business models and products.
- RBI Governor highlighted that digitalisation in finance is paving the way for next-generation banking, improving access to financial services at affordable costs.
Dig Deeper: List recent RBI Reports related to Digitisation.
