RBI To Showcase Innovative Financial Technologies At G20 Summit

The Reserve Bank of India (RBI) will unveil a display of cutting-edge financial technologies at the G20 Summit, showcasing their potential to revolutionize the financial landscape. The RBI exhibition pavilion at the summit boasts five distinct items, each demonstrating a unique facet of India’s innovation in the financial sector.

One of the highlights of the exhibition is the Public Tech Platform (PTP) for Frictionless Credit, an innovation aimed at transforming rural credit. Delegates, media, and visitors can experience a live demonstration of the entire process, from onboarding to the swift sanction and disbursement of Kisan Credit Cards (KCC) and dairy loans. This digital marvel accomplishes in minutes what traditionally took far longer, greatly enhancing accessibility to rural credit.

The RBI’s Digital Rupee, a Central Bank Digital Currency (CBDC), takes centre stage with an informative video highlighting its journey. Select banks participating in the pilot program will demonstrate live Digital Rupee transactions. This initiative underscores India’s commitment to exploring the potential of digital currencies in modern financial systems.
Visitors will have the opportunity to be onboarded to the Unified Payments Interface (UPI) without the need for a bank account in India.

This hands-on experience allows individuals to witness the seamless process of making payments through UPI, showcasing its user-friendly nature. An innovation on display is RuPay On-The-Go. This technology enables customers to perform contactless payment transactions using everyday accessories such as watches, rings, or keychains. It highlights the adaptability and convenience of domestic card scheme-associated products, placing them on par with global counterparts.

The exhibition underscores the versatility of the Bharat Bill Payment System (BBPS) platform by demonstrating its integration capabilities with both FinTech companies and traditional financial institutions. This integration facilitates seamless domestic and cross-border payment transactions, underlining the BBPS’s flexibility and capacity to bridge financial services across borders.
The RBI’s participation at the G20 Summit serves as a testament to India’s commitment to financial innovation and technological advancement.

(ANI)

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