Latest News | India's Accomplishments in Digital Financial Infrastructure is Miraculous: Sinha

Mumbai, Jun 24 (PTI) The government has made a well mapped-out provision for establishing digital financial infrastructure or digital public goods in the country in the form of Aadhaar, provision of universal bank accounts and Unified Payments Interface (UPI), Member of Parliament Jayant Sinha said on Friday.

He said the way the country has established the digital financial infrastructure over the past seven-eight years is nothing short of a miracle.

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“The government has done a very sophisticated and well mapped-out provision of digital financial infrastructure or digital public goods, which includes Aadhaar, provision of universal bank accounts and UPI payment system,” Sinha, who heads the Parliamentary Standing Committee on Finance said on Friday.

He was speaking at an event organised by the Observer Research Foundation.

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These three public goods have helped in creating a full payments system which is the most affordable and among the highest volume payments systems in the world, he said.

"I don't think any other country, except China, could match (in terms of establishing digital financial infrastructure) what we have accomplished and in the speed and the volume in which it's been done,” Sinha said.

The digital public goods have unleashed the innovations which have resulted in many unicorns in the country and also customers getting the various new services.

He said going forward the digital public goods that the country has developed will enable it to digitise other sectors of the economy in an equally revolutionary way.

Speaking on Open Network for Digital Commerce (ONDC), he said it will enable the country to open up commerce in a way that has not been possible in other countries.

“ONDC is going to be more revolutionary than UPI. It will enable us to open up ecommerce in a way that we have not seen anywhere else in the world,” Sinha added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)