RBI Update: Reserve Bank of India Governor Shaktikanta Das has said that after the great response received from different places, now we are going to make UPI and RuPay global. He said, creating similar infrastructure of UPI on foreign soil, increasing the acceptance of QR code based payments through UPI app at international merchant locations and interlinking UPI with Fast Payment Systems (FPS) of other countries for cross-border remittance are among our priorities.
In his address at the Global Fintech Fest in Mumbai, the RBI Governor said, it is very important to ensure strong consumer protection to maintain consumer confidence in the financial system. He said, as consumers’ reliance on digital financial services is increasing, their expectations for a personalized, efficient and seamless experience are also increasing.
Shaktikanta Das said, with the advent of new technology, along with traditional risks like mis-selling and fraud, risks like data privacy and security breaches have also arisen for consumers. He said, it is important to make better use of technology to ensure real-time monitoring and regulatory compliance and to deal with these challenges.
The RBI governor said, dark patterns like confusing buttons, hidden charges and coercion have become the biggest challenge in the digital marketplace. He said, the guidelines issued by the Government of India for the prevention and regulation of dark patterns will help protect consumers from the unfair use of technology in business.
According to the RBI Governor, cyber security has emerged as a strong pillar in India’s digital financial ecosystem. Most of the financial transactions are happening online, due to which the threat of cyber security is also increasing. In such a situation, investing in technology like AI can help in dealing with the emerging threat. He said, awareness campaign among consumers and employees regarding cyber security can play a big role in creating a safe digital economy.
The RBI governor said, the Reserve Bank has taken a big step towards digital public infrastructure through the Unified Lending Interface. He said, in the coming time, the Unified Lending Interface will be launched with full capacity. He said, Jan Dhan Aadhar Mobile – UPI – ULI is going to prove to be a milestone in India’s journey towards digital public infrastructure.
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