Reserve Bank of India governor Shaktikanta Das said payments through UPI (unified payment interface) have grown exponentially in the past 12 months with daily transactions crossing 36 crore, which is up 50 per cent from 24 crore in February 2022.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
In value terms, these transactions are worth Rs 6.27 lakh crore, registering a growth of 17 per cent from Rs 5.36 lakh crore in February 2022, the governor told reporters while launching the Digital Payments Awareness Week at the RBI headquarters. He also said the overall monthly digital payment transactions crossed over Rs 1,000-crore-mark each month during the past three months.
While the UPI has facilitated digital payments to retail outlets, kiranas, street vendors etc, the Bharat bill payment system (BBPS) has ensured migration of bill payments from cash/cheques to digital mode and the national electronic toll collection (NETC) system has helped in migration of the toll payments to digital mode with enhancing efficiency in terms of reduced waiting time at toll plazas, the governor said.
The national automated clearing house (NACH) system has also facilitated direct benefit transfers (DBT) payments digitally and eliminated leakages in the system.
You may also read these:
A new variant of SARS-CoV-2, named PJ.2.1, was first identified in Ontario, Canada in May…
Belonging: A Journey of Love, a memoir written by Congress leader Sonia Gandhi, will be…
The United States will become the first nation to fully opt out of participating in…
A group of US lawmakers, led by Rep Grace Meng, have re-introduced the Diwali Day…
Pandit Manilal Nag, a celebrated sitar maestro and one of the foremost exponents of the…
The 31st Conference of the Parties (COP31) to the United Nations Framework Convention on Climate…