Our digital public infra solutions can improve lives globally: Narendra Modi

New Delhi: Prime Minister Narendra Modi on Friday said India's digital public infrastructure solutions can improve the lives of citizens around the world. Speaking at the InFinity Forum organised by Bloomberg and IFSCA, he said via video link: "We believe in sharing our experiences and expertise with the world and learning from them as well."

"Tools like 'UPI' and 'RuPay' provide an unparalleled opportunity for every country. An opportunity to provide a low cost and reliable 'real time payment system' as well as a 'domestic card scheme' and 'fund remittance system'." Explaining how technology has also catalysed financial inclusion, the Prime Minister pointed out that from less than 50 percent of Indians having bank accounts in 2014, India has almost universalized it with 430 million Jan Dhan accounts in the last seven years.

"The history of currency shows tremendous evolution. Last year, mobile payments exceeded ATM cash withdrawals for the first time in India. Fully digital banks, without any physical branch offices, are already a reality and may become commonplace in less than a decade.