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RBI aims to make India a powerhouse of payments Globally by 2025

Published on June 20, 2022
Current Context: Recently it has been observed that there has been a three-fold jump in the number of digital payments, and aims to establish India as a powerhouse of payments globally.
RBI aims to make India a powerhouse of payments Globally by 2025
  • ‘Payment Vision 2025’ document also talks about ring-fencing of domestic payment systems, including the need to mandate domestic processing of payment transactions.
  • In addition to that the main theme of the vision documents is ‘E-Payments for Everyone, Everywhere, Everytime’ (4Es), with an overall objective to provide every user with safe, secure, fast, convenient, accessible, and affordable e-payment options.
  • Many initiatives of UPI, RTGS, NEFT and RuPay cards along with bilateral treaties with nations will hugely benefit Indian residents and their counterparties overseas with online realization at lesser costs.
  • RBI has also taken measures to further enhance safety and security for rural citizens, where digital and financial literacy are at a very rapid pace.
  • As per the RBI, total digital payments have increased by 216% and 10% in terms of volume and value, in March 2022, compared to March 2019.
  • India become an undisputed global leader in payments.
  • Linking credit cards to UPI is another gamechanger as would the globalization of India’s Central Bank Digital Currencies.


Q.1 As per recent RBI Data, the digital payments have increased by _______in terms of volume?
a. 312%
b. 216%
c. 200%
d. 156%

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