## India’s Approach to Open Banking: Some Implications for Financial Inclusion

_IMF Working Papers, February 26, 2021_

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## Bibliographic details
- Authors: Yan Carriere-Swallow, V. Haksar, Manasa Patnam
- Published: February 26, 2021
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781513570686.001

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### Overview and key thesis
- Examines development of the digital infrastructure known as the “India Stack,” including an interoperable payments system, a universal digital ID, and other features.
- Argues the Stack’s key overarching feature is a foundational approach of providing extensive public infrastructures and standards that generates important synergies across the layers of the Stack.
- Context: until recently, a large share of India’s population lacked access to formal banking services and was largely reliant on cash for financial transactions.

### Findings on financial inclusion and digital payments
- Expansion of mobile-based financial services provides a novel alternative for expanding the financial net by enabling simple and convenient ways to save and conduct financial transactions.
- The Stack’s improved digital infrastructures have already allowed for a rapid increase in the use of digital payments.
- Entry of a range of competitors, including fintech and bigtech firms, has been facilitated by the Stack.

### Features of the India Stack emphasized
- Interoperable payments system.
- Universal digital ID.
- Public infrastructures and standards that create synergies across layers.

### Subject areas and keywords (as provided)
- Subject: Financial services, Fintech, Fiscal accounting and reporting, Mobile banking, Payment systems
- Keywords: consumer spending, Credit information companies, data sharing, digital payments, digitalization, financial inclusion., open banking, payments bank, payments landscape, telecom data, transaction costs, WP

### Publication and document metadata (exact values)
- Pages: 27
- Volume: 2021
- Issue: 052
- Series: Working Paper No. 2021/052
- DOI: https://doi.org/10.5089/9781513570686.001
- Stock No: WPIEA2021052
- ISBN: 9781513570686
- ISSN: 1018-5941
- Authors: Yan Carriere-Swallow, V. Haksar, Manasa Patnam
- Date: February 26, 2021

*IMF Working Paper No. 2021/052 by Yan Carriere-Swallow, V. Haksar, and Manasa Patnam (February 26, 2021).*

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_Source: https://www.imf.org/en/publications/wp/issues/2021/02/26/indias-approach-to-open-banking-some-implications-for-financial-inclusion-50049_