Jul 18, 2022
In today’s edition of our Current Affairs Dialog box we will discuss UPI: The Dawn of Digital Fintech Nirvana in detail.
Navigate through the article to get useful insights on the topic and enhance your civils preparation. Its relevance to the CSE syllabus is mentioned below:
For Prelims: Unified Payments Interface or the UPI, National Payments Corporation of India (NPCI), Immediate Payment Service (IMPS), Merchant Discount Rate (MDR), Virtual Payment Address (VPA)
For Mains: IT and Computers, Government Policies and Interventions, Human Resources, Science and Technology
The Unified Payments Interface or the UPI, has now processed, more than 40% of all retail digital payments (non-cash and non-paper payments) in India.
From the dawn of civilization, man has always accumulated and hoarded. However, the Unified Payment Interface (UPI) enables one to move around with an empty pocket. Comment.
Alsp Read: Digital Banking Units
Also watch a related video on Consumer Price Index by Vivek Singh Sir, our faculty for Economy:
National Payments Corporation of India (NPCI) is an umbrella organization for operating retail payments and settlement systems in India.
It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.
It has been incorporated as a “Not for Profit” Company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013), The Company is focused on bringing innovations by the use of technology for achieving greater efficiency in operations and widening the reach of payment systems.
Source: The Hindu
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