What Is The Impact Of Digital Public Infrastructure On India? V. Vaidyanathan’s View

Business Today's Sourav Majumdar in an exclusive conversation with V. Vaidyanathan, MD & CEO of IDFC First Bank discusses about the impact of digital public infrastructure (DPI) on India, the conversation highlights how this technology revolutionizes the banking sector. A decade or two ago, obtaining a loan involved physical visits to a bank, manual appraisals, and a lengthy processing time. Today, however, everything from Know Your Customer (KYC) procedures to loan agreements and repayments is digitized, streamlining the entire process. The government's initiatives, such as Aadhaar for biometric identification, DigiLocker for document storage, and BharatNet for broadband connectivity in rural areas, have been pivotal in this transformation. The Reserve Bank of India's involvement in fostering innovation further bolsters this digital ecosystem. This comprehensive digital infrastructure, actively supported by the government, marks a significant shift in how financial services operate in India. Here’s an excerpt from that exclusive conversation