New Delhi: The World Bank has praised India’s Digital Public Infrastructure (DPI). The international agency said that India has achieved in just six years would have otherwise taken about five decades.
Digital Public Infrastructure (DPI) refers to blocks or platforms such as digital identification, payment infrastructure and data exchange solutions. These solutions help countries deliver essential services to their people, empowering citizens and improving lives by enabling digital inclusion.
‘The India stack exemplifies this approach, combining digital ID, interoperable payments, a digital credentials ledger, and account aggregation. In just six years, it has achieved a remarkable 80 per cent financial inclusion rate—a feat that would have taken nearly five decades without a DPI approach,’ said World Bank.
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The World Bank in its report said that JAM (Jan Dhan, Aadhar, Mobile) trinity has propelled the financial inclusion rate from 25% in 2008 to 80% in of adults in the past six years.
The World Bank has mentioned India’s digital ID system Aadhaar, digital payment system UPI, data-exchange platform Digilocker and its other showcase platforms. The document also cites India’s Data Empowerment and Protection Architecture (DEPA) and India’s Account Aggregator (AA) Framework.
The Pradhan Mantri Jan Dhan Yojana (PMJDY) is the national mission for financial inclusion and banking the unbanked. It was launched in 2014. The number of PM Jan Dhan Yojana accounts tripled from 147.2 million in March 2015 to 462 million by June 2022; women own 56% of these accounts, more than 260 million. Unified Payments Interface (UPI) is India’s mobile-based fast payment system. This facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (VPA) created by the customer.
‘The UPI platform has gained significant popularity in India; more than 9.41 billion transactions valuing about Rs 14.89 trillion were transacted in May 2023 alone. For the fiscal year 2022–23, the total value of UPI transaction was nearly 50 per cent of India’s nominal GDP,’ said the report.
Prime Minister Narendra Modi complimented the robust digital payment infrastructure and the spirit of the people. It is equally a testament to rapid progress and innovation, he said.
‘India’s leap in financial inclusion, powered by Digital Public Infrastructure! A G20 document prepared by the @WorldBank shared a very interest point on India’s growth. India has achieved financial inclusion targets in just 6 years which would otherwise have taken at least 47 long years. Compliments to our robust digital payment infrastructure and the spirit of our people. It is equally a testament to rapid progress and innovation,’ PM Modi wrote on X, formerly known as Twitter.
India's leap in financial inclusion, powered by Digital Public Infrastructure!
A G20 document prepared by the @WorldBank shared a very interest point on India's growth. India has achieved financial inclusion targets in just 6 years which would otherwise have taken at least 47…
— Narendra Modi (@narendramodi) September 8, 2023
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