Mumbai, September 11 (Daily Kiran) : India’s Finance Minister Nirmala Sitharaman addressed the Global Fintech Fest 2026 in Mumbai, urging the Reserve Bank of India (RBI) to bolster the country’s digital rupee platform, known as Central Bank Digital Currency (CBDC). She emphasized the need for the RBI to enhance its capabilities and promote the use of both wholesale and retail digital currencies.
During her speech, Sitharaman highlighted India’s rapid advancements in digital financial innovation. She stressed the importance of expanding the utility and reach of the digital rupee, especially in today’s evolving financial landscape. The Finance Minister called on the RBI to strengthen the digital rupee platform and take its capabilities to the next level.
The theme of this year’s Global Fintech Fest was “Potential to Impact: Agentic AI, Tokenization, Quantum-Trusted, Connected, Global Systems for Inclusive Finance.” Sitharaman referred to artificial intelligence (AI) as a “double-edged sword.” While AI can aid in fraud detection, it can also be misused for fraudulent activities. Thus, she underscored the necessity for robust security and monitoring systems alongside the adoption of new technologies.
She noted that India is successfully leveraging its demographic strengths and has developed one of the world’s most powerful digital public infrastructures, with billions of transactions occurring through the Unified Payments Interface (UPI). Additionally, India remains one of the fastest-growing major economies, reaching new heights in various sectors, including space research.
Sitharaman pointed out that India is currently experiencing the benefits of its demographic dividend, with digital technology serving as a key driver of this transformation. She urged financial regulators, competition commissions, data protection agencies, and cybersecurity organizations to enhance their coordination and clearly understand their respective responsibilities.
According to her, no financial activity should escape regulatory oversight simply because it operates at the intersection of two different sectors or through a technological platform instead of a traditional financial institution. Proper monitoring is essential to ensure financial stability and consumer protection.
The Finance Minister emphasized the importance of developing appropriate security frameworks alongside the advancement of new technologies. She stated, “It is our responsibility to create a security structure that fosters greater trust at a fast pace. Efficiency and security should not be viewed as opposing goals; rather, good institutional arrangements can make them complementary.”
Sitharaman concluded by asserting that the government, regulators, and the industry must collaborate to ensure that innovation enhances efficiency without introducing new vulnerabilities or risks into the financial system. While AI can assist in decision-making, the ultimate responsibility should always rest with humans and institutional frameworks.
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