RBI’s UPI Initiative Transforming Digital Payments, Says Murthy

The Reserve Bank of India (RBI) is redefining the landscape of digital transactions in the country, according to NR Narayana Murthy, the founder of Infosys. Speaking at an event in Bengaluru on January 24, 2023, Murthy acknowledged the RBI’s efforts in making the Unified Payments Interface (UPI) a public good by reducing costs and enhancing accessibility for users.

Murthy emphasized that the RBI has gained the trust of the common man by promoting an inclusive financial ecosystem. He stated, “When you have leaders who have high aspirations and are well intentioned, you can transform the nation.” His remarks came during a fireside chat with Dr. Balakrishnan Mahadevan, a Post Doctoral Fellow at IIM Bangalore, at the Center for Digital Public Goods.

In his discussion, Murthy addressed the values and governance principles that have been crucial in India’s digital payments transformation. He noted that technology is inherently transient and highlighted the importance of documenting organizational progress. “India has been following an oral tradition, as against a written one,” he remarked, stressing the need for a comprehensive understanding of how institutions evolve over time.

Murthy advocated for a shift towards making software code publicly accessible and affordable. He believes that this approach is vital in preventing monopolies and fostering an environment ripe for innovation. “Combining innovation with a sturdy foundation needs top quality leaders,” he added, underscoring the importance of leadership in driving change.

During the event, Murthy also shared his perspective on leadership, urging future leaders to lead by example. He stated that true value comes from actions rather than mere speeches. “Values, discipline, strong leadership, and compassionate capitalism will take the society and country forward,” he asserted. His call to action resonated with the audience, particularly among students aspiring to become future leaders.

Murthy’s insights reflect a broader vision for a society where entrepreneurial spirit thrives alongside ethical practices. He encouraged the next generation of leaders to embody the principles of compassionate capitalism, which he believes will not only advance society but also stimulate entrepreneurship.

As the RBI continues to innovate and enhance the digital payment landscape, the thoughts of influential leaders like Murthy provide a guiding framework for future developments in this critical sector.