UPI has transformed financial inclusion: former RBI Governor

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Former Governor of the Reserve Bank of India (RBI) D. Subbarao and others at the release of a book ‘Cashless Nation: How UPI Changed Everything’ authored by Santanu Paul and B. Sambamurthy, in Hyderabad on Saturday. | Photo Credit: Arrangement

Former Governor of the Reserve Bank of India (RBI) D. Subbarao on Saturday said UPI may look like an inevitable revolution today but it is the result of years of institutional choices, technological innovation and determined execution.

Speaking at the release of a book ‘Cashless Nation: How UPI Changed Everything’ authored by Santanu Paul and B. Sambamurthy, he said UPI is not just a new payment product. It is a new payment ecosystem — an open, interoperable public infrastructure that has transformed financial inclusion and enabled unprecedented private innovation.

Mr. Subbarao, co-chairman and MD of Dr. Reddy’s Laboratories G.V. Prasad, Chairman iLabs Group and Sri City Srini Raju and founding Director of IIT Hyderabad U. B. Desai released the book. The International Institute of Information Technology (IIIT) Hyderabad, which played host to the event, said the book chronicles the origin story of UPI and the rise of India as a digital superpower. UPI celebrated its 10th anniversary this year.

Congratulating the authors, IIIT Hyderabad Director Sandeep Shukla said it is a well-researched book that captures an important transformation in India’s journey towards a cashless nation. UPI is a technology that has made the world sit up and look at India as a global leader in payment technology.

Mr. Paul and Mr. Sambamurthy, have had a ring-side view of the transformative developments in India’s payments landscape, thanks to their deep involvement with NPCI and IDRBT, as well as many other boards and committees across India’s financial sector, IIIT-Hyderabad said in a release.

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