India's economic landscape and inflation undergoing overhaul, RBI

India’s Digital Public Infrastructure (DPI), embodied by the India Stack, has emerged as a transformative force in the country’s economic landscape, according to the Reserve Bank of India’s (RBI) “Report on Currency and Finance (RCF) for 2023-24.”

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This comprehensive report highlights how digitalization is reshaping India’s financial and economic systems, with the DPI framework underpinning this change.

Since its launch in 2009, the Aadhaar biometric identification system has become the world’s largest, with 1.38 billion ID holders covering 98% of India’s population. This system has revolutionized identity verification, facilitating secure and seamless authentication without physical presence. The Pradhan Mantri Jan Dhan Yojana (PMJDY) has further extended Aadhaar’s reach by linking 52.5 crore bank accounts, significantly impacting rural and semi-urban areas. As a result, account ownership in India surged from 35% in 2011 to 78% in 2021.