Banks must use UPI to create more digital opportunities to empower millions: FM Sitharaman

Finance Minister Nirmala Sitharaman emphasized the transformative potential of the Unified Payments Interface (UPI) in empowering millions by creating deeper digital opportunities. She highlighted that India’s UPI currently drives 45% of global digital payments and has seen significant growth, with 14.96 billion transactions in August alone. The National Payments Corporation of India (NPCI) aims to achieve 1 billion UPI transactions per day in the coming years. Sitharaman urged banks to leverage UPI’s capabilities to enhance economic growth, social progress, and environmental sustainability. She also stressed the importance of robust digital systems and strong firewalls to protect customer trust and mitigate risks. The integration of RuPay credit cards with UPI and its international expansion are key drivers of this growth. The Finance Minister’s call to action underscores the need for banks to continuously innovate and improve customer service, credit assessments, and fraud detection using technology.