RBI Governor Sanjay Malhotra will unveil India's national net banking switch at the Global Fintech Fest 2025, scheduled for October 7–9 in Mumbai. The launch marks a significant step in India's digital financial infrastructure roadmap, with participation from PM Modi and UK PM Keir Starmer underscoring the global significance of the initiative.
The new switch is designed to create a modern backbone for seamless cross-bank digital transactions beyond existing rails like UPI and IMPS. It will handle significantly higher transaction volumes while improving speed and reliability across the banking ecosystem.
Built-in next-generation cybersecurity measures will counter AI-driven fraud, a growing concern as digital transaction volumes surge. The infrastructure will be available for early adoption by commercial banks, cooperative banks, and payment aggregators.
The move reflects India's ambition to set global benchmarks in digital financial infrastructure. By creating a unified, secure, high-capacity transaction backbone, the country is positioning itself to compete at international standards in fintech and cross-border digital banking.
