The World Bank's report on the G20 summit praises India for its development
The World Bank's report on the G20 summit praises India for its development

New Delhi, September 8: A World Bank study for the G20 has praised India’s development over the previous decade.

PIB has issued a statement claiming that the DPI has had far-reaching effects in India that go beyond inclusive finance. The statement emphasizes the central role of government policy and legislation in establishing the Digital Public Infrastructure (DPI) environment, as well as the pioneering actions done by Central Government.


Access to Banking Services

In a paper praising India’s DPI strategy, the World Bank adds that the country has accomplished in six years what would have taken nearly five decades elsewhere. With the help of DPIs, JAM Trinity has sped up the process of being financially included, from 25% in 2008 to over 80% of adults in the previous 6 years.

There is little debate about the importance of DPIs to this leapfrog, but the text also emphasizes the importance of other ecological factors and policies that expand on the availability of DPIs. Efforts were made to “leverage Aadhaar for identity verification” and “expand account ownership” as well as “create a more enabling legal and regulatory framework.”

There will be over 260 million PMJDY accounts owned by women by June 2022, up from 147.2 million in March 2015, when the programme was first introduced.

Over 12 million women clients (as of April 2023) and a 50% rise in average balances in only five months as compared to the total portfolio in the same time period are the direct outcome of the Jan Dhan Plus initiative, which promotes low-income women to save. Public sector banks in India might potentially gain deposits of around Rs 25,000 crore ($3.1 billion) if they can include 100 million low-income women in savings activities.

Payments from the government directly to citizens:

India has used DPI to create the biggest digital G2P infrastructure in the world in the last decade.

Approximately $361 billion has been transferred in this method from 53 ministries of the Central Government to recipients across 312 important projects.

As of March 2022, the cumulative savings from this amounted to $33 billion, or around 1.14 percent of GDP.


In May of 2023, there were around 9.41 billion transactions with a total value of almost Rs 14.89 trillion. Nearly half of India’s nominal GDP was transacted through UPI in fiscal year 2022-23.

Potential commercial Sector Value Added from DPIsThe DPI in India has also boosted efficiency for commercial organisations by lowering the complexity, cost, and time required to do business in India.

There are NBFCs that have helped increase SME loan conversion by 8%, cut depreciation expenses by 65%, and cut fraud detection costs by 66%. Banks in India were able to reduce their client onboarding expenses by an estimated $23 per customer because to DPI. KYC Compliance Costs for Banks are Reduced. Banks who used e-KYC saw their cost of compliance drop from $0.12 to $0.06 as a result of India Stack’s digitization and simplification of KYC processes. As a result of the price drop, new items might be developed using the money produced by servicing low-income customers.

International Transfers:

Aligning with G20’s financial inclusion aims, the UPI-PayNow interlinking between India and Singapore will become operational in February 2023, allowing for quicker, cheaper, and more transparent cross-border payments.

Framework for Account Aggregators

The Account Aggregator (AA) Framework in India is an electronic consent framework that enables businesses and consumers to exchange data securely and privately. RBI governs the framework.

As of June 2023, a total of 13.46 million consents have been collected, and 1.13 billion accounts are enabled for data sharing.

Information Security and Privacy Framework (ISP):

The Data Electrification and Protection Act (DEPA) of India gives users the freedom to transfer their data across service providers. This encourages individualised access to products and services without necessitating large initial investments in established clientele, hence promoting innovation and competition.



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