The G20 Global Partnership for Financial Inclusion document prepared by the World Bank has lauded the transformative impact of Digital Public Infrastructures in India over the past decade under the Central Government.

The document highlights the groundbreaking measures taken by the Central Government and the pivotal role of government policy and regulation in shaping the Digital Public Infrastructure landscape. Lauding India’s DPI approach the World Bank document notes that India has achieved in just six years what would have taken about five decades.

JAM Trinity i.e. Jan Dhan Yojana, Aadhaar, and Mobile number, has propelled the financial inclusion rate from 25% in 2008 to over 80% of adults in the last six years, a journey shortened by up to 47 years thanks to DPIs.

The document categorically notes, “While DPIs’ role in this leapfrogging is undoubted, other ecosystem variables and policies that build on the availability of DPIs were critical. These included interventions to create a more enabling legal and regulatory framework, national policies to expand account ownership, and leveraging Aadhaar for identity verification.”

Since its launch, the number of PMJDY accounts opened tripled from 147.2 million in March 2015 to 462 million by June 2022; women own 56 percent of these accounts, more than 260 million.

The Jan Dhan Plus programme encourages low-income women to save, resulting in over 12 million women customers, as of April 2023, and a 50% increase in average balances in just five months, as against the entire portfolio in the same time period. It is estimated that by engaging 100 million low-income women in savings activities, public sector banks in India can attract approximately Rs.25,000 crore in deposits.

In the last decade, India has built one of the world’s largest digital Government-to-person architectures leveraging DPI. This approach has supported transfers amounting to about $361 billion directly to beneficiaries from 53 Central government ministries through 312 key schemes. 

As of March 2022, this had resulted in a total savings of $33 billion, equivalent to nearly 1.14 percent of GDP. More than 9.41 billion transactions valuing about Rs.14.89 trillion were transacted in May 2023 alone. For the fiscal year 2022–23, the total value of UPI transactions was nearly 50 percent of India’s nominal GDP.

The DPI in India has also enhanced efficiency for private organizations through reductions in the complexity, cost, and time taken for business operations in India.

Even some NBFCs have enabled an 8% higher conversion rate in SME lending, a 65% savings in depreciation costs, and a 66% reduction in costs related to fraud detection. According to industry estimates, banks’ costs of onboarding customers in India decreased from $23 to $0.1 with the use of DPI.

India Stack has digitized and simplified KYC procedures, lowering costs; banks that use e-KYC lowered their cost of compliance from $0.12 to $0.06. The decrease in costs made lower-income clients more attractive to service and generated profits to develop new products.

The UPI-PayNow interlinking between India and Singapore operationalized in February 2023, aligns with G20's financial inclusion priorities and facilitates faster, cheaper, and more transparent cross-border payments.

India’s Account Aggregator Framework aims to strengthen India’s data infrastructure, enabling consumers and enterprises to share their data only with their consent through an electronic consent framework. The framework is regulated by RBI. A total of 1.13 billion cumulative accounts are enabled for data sharing, with a 13.46 million cumulative number of consents raised in June 2023.

India's Data Empowerment and Protection Architecture grants individuals control over their data, enabling them to share it across providers. This promotes tailored product and service access without requiring new entrants to invest heavily in pre-existing client relationships, fostering innovation and competition.