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UPI Volume Jumps 27 Per Cent to 145 Billion in First Half
ਖ਼ਬਰਾਂ ਵਿੱਚ ਕਿਉਂ?
145 billion UPI transactions in six months: who actually runs UPI, the Prelims question hiding here
UPI volumes rose 27% year-on-year to 145 billion in the April-September half, NPCI data show.
Why it matters: asked in UPSC 2017; factual, Prelims-type
What you need to know
2 ਮਿੰਟ
UPI transactions reached 145 billion in April-September of the current financial year, against 114 billion in the same period a year earlier, a rise of 27 per cent.
The figures were released by the National Payments Corporation of India, which operates the Unified Payments Interface.
ਸਰੋਤ: Topper IAS editorial (PIB / The Hindu / Indian Express)
ਮੁੱਖ ਤੱਥ
Remember these
- UPI transactions reached 145 billion in April-September, against 114 billion a year earlier
- Year-on-year growth in UPI volume was 27 per cent
- The data were released by the National Payments Corporation of India (NPCI)
- NPCI operates the Unified Payments Interface, a real-time retail payment system
- NPCI is an umbrella organisation for retail payments, set up with the RBI and the Indian Banks' Association
ਪ੍ਰੀਲਿਮਜ਼ · ਮੇਨਜ਼
How the exam will ask it
ਪ੍ਰੀਲਿਮਜ਼
- NPCI is the umbrella organisation that operates the Unified Payments Interface, a retail payment system.
- The Reserve Bank of India regulates payment systems and licenses operators, but it does not itself operate UPI.
- UPI allows instant bank-to-bank transfers through a mobile application using a virtual payment address.
ਮੇਨਜ਼
GS-III Economy: UPI's rapid growth shows how public digital infrastructure has deepened financial inclusion and formalised small payments. Policy support from the RBI and NPCI has driven adoption, but concentration among a few apps, system outages, fraud and the cost of zero-fee transactions raise concerns. The way forward lies in market-share limits, stronger fraud safeguards, a sustainable revenue model and wider cross-border linkages.
PYQ connection
A question UPSC has already asked on this
Consider the following statements:
- National Payments Corporation of India (NPCI) helps in promoting the financial inclusion in the country.
- NPCI has launched RuPay, a card payment scheme.
Which of the statements given above is/are correct?
- 1 only
- 2 only
- Both 1 and 2
- Neither 1 nor 2
ਜਵਾਬ ਵੇਖੋ
ਜਵਾਬ: C
Why this matters: today's issue is directly connected to a concept UPSC has already tested. Read the story with this question in mind.
Practise this PYQ →Quick recall
Answer before you reveal
The Unified Payments Interface (UPI) retail payment system is owned and operated by which organisation?
- National Payments Corporation of India
- Reserve Bank of India
- Indian Banks' Association
- Clearing Corporation of India Limited
ਜਵਾਬ ਵੇਖੋ
ਜਵਾਬ: A — Correct: National Payments Corporation of India — NPCI, an umbrella organisation for retail payments set up with RBI and the Indian Banks' Association, operates UPI. • Reserve Bank of India — wrong: The Reserve Bank regulates payment systems and licenses operators, but it does not operate UPI. • Indian Banks' Association — wrong: The Indian Banks' Association is an industry body of banks and does not run payment systems like UPI. • Clearing Corporation of India Limited — wrong: The Clearing Corporation of India settles money, government-securities and forex trades, not retail UPI payments.
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