adoption. central banks and governments, on their part, should foster the development of trustworthy ai, keeping data privacy, explainability, accountability and transparency at its core. dpi and cross - border payments 19. a recurring agenda of importance across all multilateral settings including the g20 and international standard setting bodies like the committee on payments and market infrastructures ( cpmi ) has been to bring efficiency to cross - border payments. a lot of initiatives and experimentation in bi - lateral and multi - lateral arrangements among various countries are already underway. while much efficiency has been achieved in case of wholesale markets, the retail cross - border space is still fraught with multiple layers that add to the cost and delays in cross - border remittances. needless to say that modern technology offers solutions which can smoothen these frictions. with the emergence of fast payment systems across countries and experimentation around cbdc, new possibilities are opening up to bring in greater efficiency to cross - border payments. maximum efficiency gains in such initiatives would come from ensuring interoperability as a key design element. 20. ideally, while the legacy payment systems should be able to connect to each other and so should the cbdc systems, one country's legacy system should also be interoperable with another country's cbdc. actual implementation of interoperability would pose challenges and may involve certain trade - offs. technical barriers may be surmounted by using common ( international ) technical standards. further, the 5 / 7 bis - central bankers'speeches governance structure or management framework for long - term sustainability would also need to be finalised. 21. in this journey of attaining harmonisation and interoperability among countries, a key challenge could be the fact that countries may prefer to design their own systems as per their domestic considerations. we can overcome this challenge by developing a plug and play system which allows replicability while also maintaining the sovereignty of respective countries. india has made some progress in this direction and would be happy to develop a plug and play system for the benefit of the community of nations. 22. the upi system has the potential to evolve into a cheaper and quicker alternative to the available channels of cross - border remittances. a beginning can be made with small value personal remittances as it can be quickly implemented. conclusion 23. india is a vast country with great diversity. a solution that works well in india has the potential to be customised to the unique requirements of any other country. accordingly

, the conference planners have organised a deep dive session on day - 2 on india's upi, especially for the international delegates. i would request all delegates to participate and derive benefit from the various sessions and also share their experiences which could provide learnings for all. i also invite you to the conference exhibition, showcasing some of india's innovations relevant to this conference. 24. as you may recall, the theme of india's g20 presidency in 2023 was " one earth, one family, one future ". it underlies india's thought process in how it sees the world and itself as being part of one family with a common future. at the reserve bank of india, we look forward to the journey towards rbi @ 100 with considerable optimism. we are constantly working on devising policies, approaches, systems and platforms that will make our financial sector stronger, nimble and customer centric. with these words, i wish you all a pleasant stay and productive discussions. i wish this conference all success. thank you and namaskar. 1 https : / / uidai. gov. in / aadhaar _ dashboard / 2 in such savings bank accounts, there is no requirement of maintaining any minimum balance. such accounts also offer certain minimum facilities, free of charge. 3 https : / / pmjdy. gov. in / 4 https : / / www. trai. gov. in / release - publication / reports / telecom - subscriptions - reports 5 infinet ( indian financial network ) : a closed user group network comprising of rbi and financial institutions. this provides the communication backbone for the indian banking and financial sector. sfms ( structured financial messaging system ) is a secured financial messaging 6 / 7 bis - central bankers'speeches system which is used for both inter - bank and intra - bank communications in india. rtgs ( real time gross settlement ) is a 24x7x365 electronic fund transfer system for large value transactions ( 2 lakh and above ) in which transactions are processed continuously on a gross basis ( i. e. transaction by transaction basis ). neft ( national electronics fund transfer ) is a 24x7x365 retail electronic fund transfer system in which the transactions are processed in batches. 6 the pilot was launched by sbi on august 16, 2024 in the states of odisha and andhra pradesh. 7 indusind bank piloted the same in maharashtra 7 / 7 bis - central bankers'speeches