teensexonline.com
27.1 C
Jammu
Tuesday, March 18, 2025
HomeFeatured StoriesRBI says internationalization of UPI is progressing rapidly as India emerges world...

RBI says internationalization of UPI is progressing rapidly as India emerges world leader

Date:

Related stories

DeepSeek Asks Staff Not To Leave China, Takes Away Passports: Report

The passports of multiple employees of Chinese AI startup...

PM Modi, his New Zealand counterpart Christopher Luxon jointly inaugurate Raisina Dialogue

Prime Minister Narendra Modi and his New Zealand counterpart...

Pakistan suffer massive financial loss for one home game in Champions Trophy 2025

Pakistan hosted their first global cricket tournament after 29...

Israel conducts ‘extensive airstrikes’ on Hamas in Gaza

Israeli airstrikes across the Gaza Strip have killed more...

RBI says, internationalisation of unified payments interface (UPI) is progressing rapidly, as India emerges as a world leader in leveraging digital technologies for transformative change.

The UPI hit a milestone of 16.6 billion transactions in a month in October, with improvements in its capabilities, including successful instant debit reversals at 86 percent.

RBI Deputy Governor Michael Debabrata Patra said, India’s UPI, an open-ended system that powers multiple bank accounts into a single mobile application of any participating bank, is propelling inter-bank peer-to-peer and person-to-merchant transactions seamlessly.

According to Mr Patra, innovations in the digital credit landscape, such as Account Aggregators, OCEN, and financial services on ONDC, have also contributed to productivity gains.  Around 40 per cent of the rural population and 78 percent of the 20-30 years age group in the overall population use the internet in India.

Approximately one-third of households engage in online purchases of consumables and services, one-fourth in buying consumer durables, and nearly one-tenth in food purchases.

Mr Patra said, India is uniquely positioned to unlock new growth avenues and optimise existing ones with its digital public infrastructure (DPI), a vibrant information technology (IT) sector, and a burgeoning youth population.

Latest stories