The G20 Summit held at Pragati Maidan in New Delhi was a grand stage for global leaders to come together and address pressing economic challenges. Amid the bustling conference halls and bustling corridors, one pavilion stood out – the Reserve Bank of India's (RBI) Innovation Pavilion at Hall 3.

As an Indian Information Service officer (IIS), I had the privilege of documenting and sharing the remarkable story of the RBI's pavilion, which was making waves in the world of finance and technology.

The RBI's Innovation Pavilion was a dazzling spectacle from the moment you stepped inside. The centrepiece was a colossal, three-dimensional digital replica of India's national currency, the Rupee. Visitors marvelled at the intricate details and the way it symbolised India's commitment to embracing innovation in the financial sector.

The first stop for visitors was the 'Future of Banking' zone. Here, RBI showcased how technology was reshaping the banking landscape. Delegates and dignitaries were captivated by demonstrations of blockchain technology, artificial intelligence-driven customer service, and secure biometric authentication methods. It was evident that India was at the forefront of the fintech revolution.

A highlight of the pavilion was the 'Financial Inclusion Alley.' This area highlighted India's commendable efforts to bring banking services to the remotest corners of the country. The Jan Dhan Yojana and the Aadhaar-based payment system received widespread admiration. Delegates from countries facing similar challenges were eager to learn from India's experience.

The 'Digital Rupee Revolution' exhibit was a crowd-puller. Visitors were introduced to India's pioneering steps in exploring the possibilities of a digital currency. The RBI's experts explained the potential benefits, including reducing the costs of currency management and enhancing financial inclusion.

Apart from these, live demonstration and showcasing of various innovative initiatives which gave a hands-on experience to the delegates/visitors/media are as follows,

1. Public Tech Platform (PTP) for Frictionless Credit

• An experience centre was available for the delegates/ Media/visitors where one can experience an interactive demonstration of the entire process i.e., from onboarding to sanction and disbursement of the KCC and dairy loans in an entirely digital manner in a few minutes, revolutionising rural credit.

2. Central Bank Digital Currency

• An informational video on the RBI’s Digital Rupee and its journey was showcased.
• The live Digital Rupee transactions was demonstrated by select banks which were participating in the pilot.

3. UPI One World

• Delegates without having a bank account in India were on boarded to UPI and they had benefited in the process to have a first-hand experience of breezing payments through UPI.

4. RuPay On-The-Go

• Allowed customers to carry out contactless payment transactions through accessories they wear (watch, ring) or use (key chain) every day and highlighted the adaptability of the domestic card scheme associated products such as credit card, convenience of Tap&Pay at par with such global products.

5. BBPS (Bharat Bill Payment System)

• A cross border bill payment system that highlighted the adaptability of the BBPS platform to integrate with FinTechs and conventional financial players to facilitate domestic as well as cross-border payment transactions.

Throughout the summit, the RBI's pavilion became a hub of intellectual discourse. Experts, policymakers, and delegates engaged in lively discussions about the global implications of India's fintech innovations. Collaborations and partnerships were forged, promising to shape the future of finance.

The RBI's Innovation Pavilion was not just a showcase; it was a testament to India's vision for a technologically advanced and inclusive financial future. As a PIB officer, I witnessed firsthand the impact our pavilion had in promoting innovation and collaboration at the G20 Summit. It was a proud moment for India, and I was honoured to play a role in telling this inspiring story of progress and potential to the world.

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