Economy: The RBI Governor praises the UPI for its success, along with the missions they have initiated
New Delhi, March 7: In his latest media interactions RBI chief Shaktikant Das lauded the UPI for the scale at which the payment platform has grown and further defined the platform’s future prospects.
In his speech on Monday, Das emphasized figures that glorify the reach of UPI in India and said that in the past 12 months, daily transactions crossed 36 crore, which is up 50 percent from 24 crore in February 2022. To put things in perspective, these transactions amounted to 6.27 lakh crore, registering a growth of 17 percent from 5.36 lakh crore in February 2022.
He further shed light upon the global reach which RBI is constantly striving for the payment system to attain. According to Das, with the current collaboration with PayNow of Singapore and its own firm user base in the country, the UPI has gained global recognition, which resulted in many nations expressing their interest in collaborating. The G20 presidency has also helped the nation reach out to the allied countries and further globalise the payment system.
To remain on par with the current growth rate of digital transactions, the RBI has undertaken various initiatives, many of which it is going to roll out very soon.
With the title of “Har Payment Digital” this mission aims to empower every citizen in the country with this cashless payment system as a part of Digital Payments Awareness Week 2023.
In order to further increase the mass inclination towards the digital payment system, the RBI regional offices will initiate the “Jan Bhagidari” mission to enhance awareness of the adoption of digital payments.
Under one such mission payment system, operators will adopt 75 villages apart from those covered under the Digital Banking Units, Expanding and Deepening of Digital Payments Ecosystem and the Aspirational Districts Programme across the country and convert them into digital payment-enabled villages.
In a tie-up with appropriate agencies, the apex bank has envisioned reaching out to citizens with the message “Digital Payment Apnao, Auron ko Bhi Sikhao” which would be based on an audio-visual medium of teaching.
