India ready to share DPI ecosystem with global south: DEA Secretary
₹2 trillion worth of deposits. Over 55.5% of bank accounts belong to women, and 67% come from rural and semi-urban areas. "The average balance in these accounts is over ₹4,000.
Our digital payment system, UPI, crossed 10 billion transactions in the month of August alone," Seth said. “Today, more than 5.5 crore Jan Dhan (Pradhan Mantri Jan Dhan Yojana) accounts are receiving direct benefit transfers and government schemes have already made savings of over $27 billion." He said that DPI approaches are capable of solving societal problems at a scale even under crisis. "DPIs facilitate innovation, and are effective for both public and private sector, especially for SMEs of emerging countries as well as developed economies," Seth said.
"In the backdrop of challenges, the need of the hour is to identify simple, scalable, tested and sustainable solutions that can transform our societies and economies by eradicating poverty and ensuring universal healthcare and education," he added. Meanwhile, chief economic advisor, V. Anantha Nageswaran, present at the event, said that critical areas where countries can collaborate for financial inclusion and growth through the DPI approach include knowledge sharing, capacity building, and cross border linkages to help remittances.
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