Current Affairs RBI & NABARD Exam Preparation | Descriptive Answer Writing & Issue Analysis | EduTap

#rbigradeb #rbinotification #rbigradebrecruitment #rbimanager #sebigradea #sebinotification #sebigradearecruitment #sebimanager #nabardgradea #nabardnotification #nabardgradearecruitment #nabardmanager

Register for the LIVE RBI Grade B Strategy Workshop here:

Download the Complete Guide to RBI Manager (with PYQs) for free here:

Register for the NABARD Grade A LIVE Strategy Workshop here:

Download the Complete Guide to NABARD Manager (with PYQs) for free here:

Download the Complete Guide to SEBI Manager (with PYQs) for free here:

Our RBI Grade B courses are available at an amazing offer, see here:

Our NABARD Grade A courses are available at an amazing offer, see here:

Our SEBI Grade A courses are available at an amazing offer, see here:

For daily free content, join our Telegram channel here:

[Aditii_]

QUES: Discuss the fundamental elements concerning India’s Digital Public Infrastructure. How have these elements facilitated India’s efforts to internationalize its DPI?
ANS: Digital Public Infrastructure (DPI) refers to a platform, such as payment infrastructure or digital identification, that enables countries to provide essential services to their citizens in an accessible manner. India achieved a significant milestone by developing all three foundational DPIs—Digital identity, Real-time fast payment, and Account Aggregator—through its India Stack initiative. The adoption of DPI, with over 1.8 billion Aadhar enrolments and more than 8 billion digital transactions, has positioned India as a global leader in the digital economy, revolutionizing its digital infrastructure. The upcoming section will delve into the crucial aspects of DPI and its role in promoting India's DPI on the international stage.
FUNDAMENTAL ELEMENTS CONCERNING INDIA’S DPI:
1. DIGITAL IDENTITY: Aadhaar serves as a critical policy tool for driving social and financial inclusion, public-centric governance, efficient fiscal budget management, and enhanced convenience.
-It stands as the world's most extensive biometric identification system, covering over 98% of India's population and issuing over 1.4 billion unique IDs.
-The RCF states that Aadhaar has facilitated over 20 billion e-KYC transactions, streamlining subsidy and benefit delivery through Direct Benefit Transfer and preventing leakages.
2. REAL-TIME FAST PAYMENT: The Unified Payment Interface (UPI) allows seamless and real-time money transfers between bank accounts, benefiting both individuals and merchants.
-As per the RCF, the volume of UPI transactions has surged to 131 billion in 2023-24, underscoring its wide adoption and contribution to a cashless economy.
-UPI has significantly reduced cash dependency, with a 50% increase in transaction volume, ensuring transparency.
-UPI accounts for 80% of all digital payment transactions.
3. e-KYC: The RFC indicates that approximately 20 billion e-KYC transactions have been completed, resulting in cost savings of up to 90% for financial institutions in KYC compliance.
4. DIGI-YATRA: DigiYatra offers a biometric-enabled seamless travel experience based on the Facial Recognition System.
-In the financial year 2022, India witnessed over 188 million air passengers across its airports, including over 22 million international passengers.
5. DIGI-LOCKER: DigiLocker has garnered 150 million users and stores six billion documents, all achieved with a modest budget of Rs 50 crore over seven years.
-This has significantly reduced the reliance on physical documents, leading to faster service delivery.
6. CONSENT LAYER: This mechanism ensures that individuals retain control over their data, enabling the secure exchange of data for over 100 million users.
INDIA’S EFFORTS TO INTERNATIONALIZE DPI:
1. COLLABORATION ON DIGITAL IDENTITY SOLUTIONS: With a Modular Open-Source Identity Platform, India has initiated collaborations with countries to develop digital identity-based solutions.
2. CROSS-BORDER PAYMENT LINKAGES: India has been working to link UPI with payment systems of other countries.
-With Project NEXUS, RBI will collaborate with ASEAN nations to facilitate instantaneous cross-border payments.
3. GLOBAL ACCEPTANCE OF UPI: Greater acceptance of UPI and RuPay in many countries like Sri Lanka, Bhutan, UAE, Nepal etc shows the growth of India in the digital economy.
-India's interoperable and open-source DPIs are now being adopted or considered by over 30 countries to enhance social and financial inclusion.
4. BECKN PROTOCOL SHARING: The protocol underlines that ONDC should be shared with other countries, facilitating a step towards a more inclusive digital economy.
-This protocol provides a standardized and more open set of technological specifications that enable a wide range of services through digital platforms, promoting innovations.
India’s DPI growth has showcased transformative growth in technology adoption and utilization at both domestic and international levels. With immense benefits, it also brought certain challenges like cyber-attacks, data leaks, the digital divide, etc making it difficult for users to access the services seamlessly. Moving forward, India has to address these challenges, by ensuring robust data protection and strict frameworks to be a digital economy leader.