'Every adult should be able to avail of credit through DPI by 2030'

Aadhaar has enabled every Indian to have a digital identity, DPI would enable every Indian to get on board with digital transactions, said Rajesh Bansal, CEO of RBI

By 2030, every adult Indian in the country should be able to seamlessly pay, save, and receive credit at their own comfort by using the digital public infrastructure (DPI), Reserve Bank Innovation Hub Chief Executive Officer Rajesh Bansal said on Monday. 

Like Aadhaar has enabled every Indian to have a digital identity, DPI would enable every Indian to get on board with digital transactions, Bansal said, responding to a query by the Chief Economic Advisor V. Anantha Nageswaran

Bansal was speaking at a seminar on ‘Strong, Sustainable, Balanced and Inclusive Growth’ hosted by the Department of Economic Affairs with the Ministries of Commerce, Skill Development, and Labour.

Also responding to another query by the CEA regarding the role that the innovation hub plays as both the regulator and an innovator, Bansal said that they are like the listening post of the RBI and act as a crucial bridge between the fintechs and the government.

Access to MSMEs

India is looking at ways such as free trade agreements to enable domestic MSMEs to participate in public procurement of different countries, Commerce Secretary Sunil Barthwal said on Monday.

He said that 10-15 per cent of the GDP of any country accounts for public procurement, which could be around $10-15 trillion in value terms.

Several countries give preference to micro, small and medium enterprises in their public procurement. “There are various ways by which countries promote MSMEs, we also promote them in India in the sense that we give them special purchase preference.”