India to play prominent role in rule-making for fintech, DPI, says official

India has always been a "rule-taker" but it has a prominent role to play in rule-making in the fin-tech solutions and DPI area given that most of these technologies are made in the country, a senior diplomat said on Wednesday.

Dammu Ravi, Secretary (Economic Relations), Ministry of External Affairs, said India wants to collaborate with the World Bank and the International Monetary Fund to help set standards for digital payments, blockchain technologies, and cyber securities.

India is also trying to build and help countries in the global south with DPI (Digital Public Infrastructure).

"For a long time, India has always been a rule-taker. We just complied with the rules made by the global community, largely driven by the Western nations. But in the fin-tech solutions, fin-tech technologies, and the DPI world, India has an eminent role to play in rule-making because most of the technologies are made in India," Ravi said while addressing Global Fintech Fest in Mumbai.

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