India to play prominent role in rule-making for fintech, DPI, says official

India has always been a "rule-taker" but it has a prominent role to play in rule-making in the fin-tech solutions and DPI area given that most of these technologies are made in the country, a senior diplomat said on Wednesday.

Dammu Ravi, Secretary (Economic Relations), Ministry of External Affairs, said India wants to collaborate with the World Bank and the International Monetary Fund to help set standards for digital payments, blockchain technologies, and cyber securities.

India is also trying to build and help countries in the global south with DPI (Digital Public Infrastructure).

"For a long time, India has always been a rule-taker. We just complied with the rules made by the global community, largely driven by the Western nations. But in the fin-tech solutions, fin-tech technologies, and the DPI world, India has an eminent role to play in rule-making because most of the technologies are made in India," Ravi said while addressing Global Fintech Fest in Mumbai.

The youth of India, the innovation, and the inherent creative energy embedded in India are driving the change, he said, adding that the government recognises these factors and feels India should be at the forefront of leading.

Ravi said the solutions that India can provide, particularly the low-cost ones, are not restricted to the global south but they are also useful for the developed nations.

"This is why our bilateral mechanisms are also working with countries like Singapore, the UK, the UAE, and countries in Europe," he added.