Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
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06/09/20264 min read
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UPI Disruptions Not NPCI's Fault, Banks' Outdated Tech Is Responsible, Says RBI Guv
RBI
UPI customers are facing digital payment disruptions affecting services like Google Pay, PhonePe, and BHIM. RBI Governor Shaktikanta Das clarified that these issues stem from banks' outdated technology, not the National Payments Corporation of India's (NPCI) infrastructure.
Frequent payment failures have caused financial hardships, with UPI transactions reaching 450 million daily. In May 2024, banks reported 31 downtime incidents totaling over 47 hours. The RBI aims to reduce these disruptions, already dropping them to less than 1%.
To enhance reliability, the RBI introduced UPI Lite and a digital payments intelligence platform chaired by Abhaya Hota, involving NPCI, SBI, HDFC, and ICICI Bank representatives.
