Daijiworld Media Network - New Delhi

New Delhi, Oct 18: Around 85 percent of digital payment transactions in India are conducted through the Unified Payments Interface (UPI), positioning the country as a leading example in comprehensive, secure, and digital public platforms, Reserve Bank of India Governor Sanjay Malhotra has said.

Speaking at a high-level dialogue organized by the RBI on “Building Financial Resilience through Digital Public Platforms” during the Annual Meetings of the World Bank and International Monetary Fund in Washington DC on Tuesday, Malhotra highlighted the pivotal role of UPI in India’s digital payment ecosystem. He provided a brief overview of the digital infrastructure and its impact on financial inclusion, particularly emphasizing government transactions.

The RBI Governor said both public and private sector entities can leverage such platforms to accelerate development across sectors including lending, healthcare, social protection, and agriculture. UPI, he added, is a critical digital public platform within the payment system, enabling seamless, real-time transfers between accounts across any bank.

He noted that approximately Rs 2,000 crore in transactions are processed through UPI every month, reflecting the transformative impact of the system.

Malhotra further said, “In India, we embrace the philosophy of ‘Vasudhaiva Kutumbakam’—the world is one family. The benefits of digital public platforms should be accessible to the entire globe. This vision aligns with India’s G20 presidency, and we remain fully committed to international collaboration through such platforms.”