“Within 6 years, India achieved 80 per cent financial inclusion rate, a feat that would have taken decades to achieve…”: Ruchira Kamboj

Ronit Kawale
Ronit Kawale - Senior Editor
4 Min Read

Highlighting India's digital public infrastructure, Permanent Representative to the United Nations Ruchira Kamboj on Thursday said India has achieved 80 per cent financial inclusion rate within six years, a feat that would have taken decades without such digital infrastructure. .

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Addressing a session at the UN Security Council on Thursday, Kamboj said India's visit offers powerful lessons for other countries embarking on digital transformations.

“Within six years, India has achieved an 80 percent financial inclusion rate, an achievement that would have taken decades without such digital infrastructure,” he said.

“As we gather here today in India to celebrate the empowerment of billions of people, we remind ourselves of the words of Secretary-General Antonio Guterres that partnerships must remain at the heart of our strategy and the spirit of our G20 leadership.” “Sabka Saat” should be adopted. Kamboj said, everyone's development, together for everyone's development.

He further underlined that the International Monetary Fund (IMF) in its working paper has mentioned the benefits of India's digital journey.

“India’s journey offers powerful lessons for other countries embarking on digital transformations, with an emphasis on a design approach focused on shared building blocks to foster innovation across ecosystems,” Kamboj said.

She further shared the story of a woman named Geeta, who is a mother of two and a tailor in a small town, Khurja, Uttar Pradesh, India.

“He never got the chance to go to university. Every day she stitches clothes for her neighbours, earning her a salary of tens and hundreds. With every stitch, she weaves her dreams not only for herself but also for her children, ensuring they get the education she missed,” said Kamboj.

He further said that Geeta's daily routine included a monthly trip to the city bank, trading a day's earnings for a bus journey to deposit her hard-earned savings. She dreamed of saving enough to turn her small tailoring business into something bigger and aspired to become a businesswoman.

“One day in 2016, a change happened when a customer asked if she would accept payments through India's United Payments Interface, or UPI. Unfamiliar, but curious, Geeta decided it was time to learn something new,” Kamboj said.

Kamboj said, he found a tutorial video by the Press Information Bureau produced by the Government of India and what he found was nothing short of a revolution.

Emphasizing that Geeta has opened up a world where she can connect with customers not only in her locality but across the country, Kamoj said that, today, Geeta no longer makes rounds of the bank.

“Instead, she spends that time at the kids' school, watching them learn and grow, safe in the knowledge that they have a bright future. Payment for his stitched clothes now comes instantly to his phone from all over India. She saves for her business and pays her children’s tuition through a digital wallet on her mobile,” she said.

Kamboj further stressed that now, Geeta has become what she always wanted to be, a successful businesswoman empowered by the digital age.

Now this transformation is made possible by India Stack, the leading force in building digital public infrastructure that has turned the dreams of billions like Geeta into reality, Kamboj stressed.

“It has revolutionized everyday transactions in India, from buying vegetables to eating street food like the famous Indian Panipuri. From taking loans to saving money,” she said.

Kamboj further stressed, “Let us be inspired and motivated as we work together to create a digitally empowered world.”

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