Mumbai, Feb. 21 -- M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India noted in a speech that the financial sector has undergone a profound transformation in the digital era, reshaping how individuals and businesses access and utilize financial services. The shift from cash-driven, paper-based transactions to a seamless, technology-driven ecosystem has been one of the most defining changes in modern finance. India has exemplified creative disruption in finance through innovations like Unified Payment Interface (UPI), Account Aggregator (AA) framework, and the recently launched Unified Lending Interface (ULI).

This has complemented the other components of what is collectively known as the "India Stack". In the context of the creative...