Before G20, World Bank became a fan of India, praises Modi government fiercely – world bank impressed with India digital public infrastructure

Digital currency is a surprise for the world.

G20 Chief Coordinator Harsh Vardhan Shringla said that a lot of attention is being paid to digital technology. Talking to the media regarding the G20 event, he said that some exhibitions have been organized in the media center. We have the Reserve Bank of India Innovation Hub, again in the Media Centre. This Innovation Hub will showcase fintech technologies that have not yet been introduced into the public domain. These are still in the pilot stage. One of them is the central bank digital currency, through which international media people who do not have a bank account in India will be able to get some money in their mobile wallet. You will be able to use it digitally to buy products. Economic Affairs Secretary Ajay Seth said that intensive discussions have taken place to strengthen institutions like multilateral development banks and IMF. The goal of India’s presidency of the G20 has been to bring issues that change people’s lives to the global center stage. In the meetings, strengthening of banks, getting countries out of debt crisis, inclusive technologies and production growth have been discussed and agreed upon.

India achieved achievements of 5 decades in 6 years: World Bank

Praising India’s digital public infrastructure, the World Bank document said that India has achieved a feat in just 6 years, which would have taken almost five decades to complete. The number of Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts has tripled from 147.2 million in March 2015 to 462 million by June 2022, of which 56 per cent or more than 260 million bank accounts are held by women. IndiaStack has digitized and simplified KYC processes, thereby reducing costs. Compliance cost for banks using e-KYC reduced from $0.12 to $0.06. The cost reduction made the service more attractive to low-income customers. Earned profits to develop new products. India’s Data Empowerment and Protection Architecture (DEPA) gives individuals control over their data.