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Task force was established in 2023 under India’s G20 Presidency to facilitate priorities on DPI and Financial Inclusion, and supplement efforts towards adoption of DPI globally.
About DPI
- Refers to building blocks or platforms like digital identity, financial infrastructure, and data exchange solutions that assist governments in empowering individuals, and improving lives through digital inclusion.
- India’s DPI, India Stack, comprises three foundational layers i.e. Digital identification (Aadhaar); Real-time fast payment (UPI); and platform to safely share personal data without compromising privacy.
Achievements
- 10 billion transactions per month through UPI.
- Over 6 billion documents stored by 211 Million people in DigiLocker.
- Rich and Poor divide in bank account ownership reduced from 14 to 1% (2011-2022).
Significance
- Empowers and protects individuals with control over their money and data.
- Spurring market innovation by reducing transaction costs, maintaining competition through interoperability, and attracting private capital.
- Enables vulnerable groups (physically remote populations, women, etc.) to access services, helping close inter- group disparities like gender gaps.
- Gender gap in bank account ownership reduced from 18 to almost 0% (2011-2022).
