RBI Governor leads discussions on UPI expansion with stakeholders

Reserve Bank of India Governor Shaktikanta Das led discussions on Wednesday with banks and or key stakeholders to explore avenues for scaling up UPI ecosystem, enhancing product offerings, and fostering innovation in payment solutions.

Unified Payments Interface (UPI) serves as an instant real-time payment system developed by National Payments Corporation of India (NPCI), facilitating seamless inter-bank transactions via mobile phones.

In a statement issued by RBI, it was disclosed that Governor Das convened a meeting with major stakeholders in UPI ecosystem, including banks, NPCI, third-party application providers, and technology service providers. objective was to deliberate on strategies aimed at expanding reach and usage of UPI.

"Various aspects were discussed to broen and deepen option and usage of UPI. Stakeholders contributed valuable insights and suggestions," statement re.

discussions encompassed strategies for scaling up UPI infrastructure, diversifying product portfolios, and dressing challenges encountered by ecosystem, while also exploring innovative solutions.

Particular emphasis was placed on devising innovative approaches to integrate new users into digital payments landscape.

Reserve Bank affirmed that all suggestions put forth during meeting will be carefully examined, and appropriate actions will be undertaken in due course to furr enhance UPI ecosystem.

Attended by RBI Deputy Governor T Rabi Sankar and or senior officials of central bank, meeting underlined commitment of regulators and industry players to drive innovation and inclusivity in India's rapidly evolving digital payments landscape.

(With PTI inputs)