BTL 739 - India Stack

 

The Banking Tutor’s Lessons

BTL 739                                                                          30-12-2024

India Stack

India Stack is a collection of open application programming interfaces (APIs) and digital public goods that aims to:

“Bring India's population into the digital age, Expand access to financial services, Create a digital foundation for India's services, and Make India more digital-friendly.

The India Stack includes:

Digital ID: A biometric system that includes a 12-digit identification number

Interoperable payments: A system that allows banks to exchange messages and payment orders with nonbank firms

Data fiduciaries: Aggregators that manage personal data and obtain consent before processing it

Aadhaar eKYC: A paperless solution that verifies, stores information, and authenticates documents digitally 

eSign: A digital signature acceptable under the laws   UPI (Unified Payment Interface): A system that reimagines payments and renders them swift and hassle-free 

Digital Locker: A secure digital document storage. 

The India Stack's open networks allow public and private entities to seamlessly integrate with it. This enables developers and tech startups to build software and create businesses around the infrastructure offered through India Stack.

Sekhar Pariti

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