UPI transformed financial inclusion: Former RBI Governor

Former Reserve Bank of India (RBI) Governor D. Subbarao and others at the launch of ‘Cashless Nation: How UPI Changed Everything’ by Santan Paul and B. Sambamurthy in Hyderabad on Saturday. | Photo credit: Arrangement

Former Reserve Bank of India (RBI) Governor D. Subbarao said on Saturday that UPI may look like an inevitable revolution today, but it is the result of years of institutional choices, technological innovation and decisive implementation.

Speaking at the launch of ‘Cashless Nation: How UPI Changed Everything’ by Santanu Paul and B. Sambamurthy, he said that UPI is not just a new payment product. It is the new payments ecosystem – an open, interoperable public infrastructure that has transformed financial inclusion and enabled unprecedented private innovation.

Mr. Subbarao, Co-Chairman and MD Dr. Reddy’s Laboratories GV Prasad, Chairman of iLabs Group and Sri City Srini Raju and IIT Hyderabad Founder Director UB Desai released the book. The International Institute of Information Technology (IIIT) Hyderabad, which hosted the event, said the book captures the story of the creation of UPI and India’s rise as a digital superpower. UPI celebrated its 10th anniversary this year.

IIIT Hyderabad Director Sandeep Shukla congratulated the authors and said it is a well-researched book that captures an important transformation in India’s journey towards a cashless nation. UPI is the technology that made the world sit up and look at India as a global leader in payment technology.

Mr. Paul and Sambamurthy have a first-hand view of the transformational developments in the Indian payments landscape through their deep involvement in NPCI and IDRBT, as well as many other boards and committees across the Indian financial sector, IIIT-Hyderabad said in a release.

Published – 12 Sep 2026 22:38 IST