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36 crore UPI transactions in a day, 50% rise: RBI

Published on March 09, 2023
Current Context: Reserve Bank of India governor Shaktikanta Das, payments through UPI (unified payment interface) have grown exponentially in the past 12 months with daily transactions crossing 36 crore, which is up 50 per cent from 24 crore in February 2022. 
36 crore UPI transactions in a day, 50% rise: RBI
  • He also said that the overall monthly digital payment transactions crossed over INR 1,000-crore-mark each month during the past three months.
  • Das said that India's digital payment ecosystem has been growing rapidly with a wide range of options available for users. It also mentions that UPI was launched in 2016 and has become one of the most popular modes of digital payments in India.
  • More details about the volume and value of UPI transactions in January 2023 and February 2023. It also quotes Das as saying that UPI has emerged as a game-changer for financial inclusion and empowerment of common people.
  • Das also praised other digital payment initiatives such as NEFT, RTGS, IMPS, Bharat Bill Payment System and Aadhaar-enabled Payment System. It also states that Das urged banks and other stakeholders to continue innovating and enhancing customer convenience.

Question:

Q.1 What was the daily volume of UPI transactions in February 2022, according to RBI governor Shaktikanta Das?
a.12 crore 
b. 24 crore 
c. 36 crore 
d. 48 crore
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