Over the past decade, India has successfully leveraged digital technologies to achieve a leapfrogging in financial inclusion, reaching in a few years what typically would have taken five decades under the normal course of development. At the heart of its digital finance revolution lies its transformative “Digital Public Infrastructure (DPI),” the laying of an open-sourced interoperable architecture to facilitate financial transactions. The laying of DPI infrastructure, together with the significant opportunity presented by large swathes of the population being underserved by traditional financial services infrastructure, has led to the proliferation of tech-first private sector innovation. India is now one of the biggest fintech hubs in the world, with start-ups operating across the gamut of services, including digital wallets, payments, banking-as-a-service, wealth-tech, and lend-tech. Many of these fintechs are focused specifically on remote and rural populations, given the massive opportunity presented by the mainstreaming of this segment. In parallel, Indian authorities have continued to launch various initiatives to catalyze lending to the country’s micro-, small-, and medium-sized enterprises, the bedrock of its economy, which face a significant credit gap due to historical exclusion from financial markets. It also continues to roll out DPI across new technologies, including AI, is piloting a Central Bank Digital Currency, and is looking at the internationalization of its DPI to create inter-country interoperability. While India has made great strides, cash still represents a significant share of financial market transactions. India will need to continue to engage in financial literacy efforts, and innovate on digital technologies, to bring more members of the rural and female population into the financial mainstream. It will also need to put robust regulatory and surveillance mechanisms in place to ensure that financial stability goes hand-in-hand with the rapid growth in digital finance so as to not fall prey to customer fraud, mis-selling, and cybersecurity threats.