Infrastructure News

RBI showcases digital ‘Innovation Pavilion’ at G20, ET Infra


<p>RBI Digital Innovation Pavilion </p>
RBI Digital Innovation Pavilion

NEW DELHI: The Reserve Bank of India has taken the opportunity to set up a pavilion at the ongoing G20 Summit, showcasing its endeavours towards building a digital economy.

The RBI Innovation Pavilion is broadly focussed on four themes – Central Bank Digital Currency (CBDC), Innovation Hub (for seamless credit), Digital Payments (showcasing UPI and Bharat Bill Pay) and contactless payments.

Essentially, this is how we have divided our pavilion and we want to display the initiatives taken by us towards building digital currency for the future. The digital payments will showcase the Bharat Bill Pay developed by us for NRIs in the United Arab Emirates (UAE) to pay their bills in India. It would all be a seamless experience for them, Kashiap Balakrishnan, General Manager, Department of Payment and Settlements Systems RBI told ET Infra.

The system will be implemented by the National Payments Corporation of India (NPCI), the body behind the successful RFID tags on the national highways. The platform will be used for payment of all kinds of bills.

Under the contactless payments initiatives, the central bank is working on a string of methods that would make the digital payment experience a seamless one. These are some of the fintech ideas that the central bank is working on.

Besides this the Ministry of Electronics and Information Technology has set up a pavilion showcasing the numerous digital applications at the event.

Delegates and other guests visiting the Digital India Experience Zone, set up at the Bharat Mandapam. These applications include the initiatives taken by the government in the past years towards digitization.

Digilocker, Bhashini, Diksha, eSanjeevani, Aadhar, UPI are some of the initiatives that have been highlighted at G 20 Summit.

  • Published On Sep 10, 2023 at 11:36 AM IST

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