Banks should leverage UPI to empower millions: FM

Mumbai: As the unified payments interface (UPI) goes global, Finance Minister Nirmala Sitharaman has urged the banks to explore creating deeper digital opportunities and utilise UPI as a transformative innovation to empower millions.

According to FM Sitharaman, India’s UPI currently drives 45 per cent of global digital payments.

Speaking at an event in Pune, the Finance Minister said a robust banking system can help achieve economic growth, social progress and environmental sustainability, and as UPI spreads its wings, the banks can thrive along with it too. Based on the encouraging response received from several countries, the RBI is now focusing on making "UPI and RuPay truly global".

As per the latest National Payments Corporation of India (NPCI) data, UPI saw 41 per cent growth (year-on-year) at record 14.96 billion transactions in the month of August, as total transaction amount touched Rs 20.61 lakh crore -- a 31 per cent YoY growth.