PUNE: Banks ought to faucet into the digital footprints generated by UPI as a way to broaden their steadiness sheets, finance minister Nirmala Sitharaman stated right here on Thursday.
“I wish to assume that the potential of the Indian banking system rests on one explicit function of UPI. Really giving us the benefit is one thing you may plan for the long run,” she stated at a Financial institution of Maharashtra occasion.
Launched in 2016, UPI has performed an vital function in remodeling retail digital funds within the nation. As a lot as 45% of the entire real-time digital funds going down globally occur in India, Sitharaman stated.
In keeping with NPCI knowledge, the variety of UPI transactions in India elevated to 1,496 crore in Aug from 1,444 crore in July. In worth phrases, the platform noticed transactions value Rs 20.6 lakh crore in Aug. The FM added that UPI is now not only for India. Seven different nations – Bhutan, Nepal, Sri Lanka, France, Singapore, UAE and Mauritius – are utilizing the platform too.
She additionally highlighted the necessity for the adoption of tech by banks, saying that it may be used for danger mitigation and improved customer support, credit score evaluation, and fraud detection. “Huge knowledge analytics can be utilized to supply customised merchandise. Banks want to focus on explicit teams.” She famous that banks ought to handhold companies to come back out of the stress moderately than ready for them to break down.
“I wish to assume that the potential of the Indian banking system rests on one explicit function of UPI. Really giving us the benefit is one thing you may plan for the long run,” she stated at a Financial institution of Maharashtra occasion.
Launched in 2016, UPI has performed an vital function in remodeling retail digital funds within the nation. As a lot as 45% of the entire real-time digital funds going down globally occur in India, Sitharaman stated.
In keeping with NPCI knowledge, the variety of UPI transactions in India elevated to 1,496 crore in Aug from 1,444 crore in July. In worth phrases, the platform noticed transactions value Rs 20.6 lakh crore in Aug. The FM added that UPI is now not only for India. Seven different nations – Bhutan, Nepal, Sri Lanka, France, Singapore, UAE and Mauritius – are utilizing the platform too.
She additionally highlighted the necessity for the adoption of tech by banks, saying that it may be used for danger mitigation and improved customer support, credit score evaluation, and fraud detection. “Huge knowledge analytics can be utilized to supply customised merchandise. Banks want to focus on explicit teams.” She famous that banks ought to handhold companies to come back out of the stress moderately than ready for them to break down.
