Following a successful rollout of 5G, India is now leading the charge in 6G development as part of its 'Digital India' initiative, with the Jan Dhan, Aadhaar, and Mobile (JAM) framework serving as a robust foundation, experts said on Friday.
Sumnesh Joshi, Deputy Director General of the Ministry of Communications, emphasized that India has achieved one of the fastest 5G deployments globally and is now at the forefront of 6G technology. Speaking at an Assocham event, he noted that the universal access to bank accounts has created an ecosystem ripe for innovative financial services, including microcredit, microinsurance, and mutual funds.
Joshi pointed out that transactions can now be as small as 5 or 10 rupees, paving the way for payments without smartphones or QR codes, with Aadhaar-based payments being the next step. He stressed the importance of connecting various systems to enhance this ecosystem.
Additionally, the ministry has implemented measures to block fraudulent international calls that appear to originate from Indian numbers, underscoring the need for collaboration among fintech, communication, and government sectors for effective real-time data sharing.
R. Gandhi, former Deputy Governor of the Reserve Bank of India, emphasized the necessity for more financial institutions to position India as a developed nation by 2047. He advocated for licensing more banks and fostering specialized institutions, including digital and investment banks.
Rajkiran Rai G, Chairman of the Assocham National Council for Banking, highlighted the need for banks to leverage technology, particularly artificial intelligence and machine learning, to improve credit assessment and extend financial services to underserved populations. He noted that India's demographic trends and technological advancements are facilitating the flow of household savings into non-bank alternatives, indicating a growing wealth among the youth.