Tuesday, March 7, 2023

Shaktikanta Das requests banks and payment companies strengthen their systems


MUMBAI: As the number of daily transactions processed through the unified payment interface (UPI) is expected to reach 100 crore in the near future, RBI governor Shaktikanta Das has urged payment system operators and banks to significantly upgrade and modernize their systems.

"The UPI system is capable of handling 100 crore transactions per day, and there are currently 26 crore transactions per day." Therefore, a system exists to accommodate new customers. When Das addressed RBI's digital payment awareness week, he stated, "NPCI is running three systems parallelly so that if there is a problem in one, the others are in operation."

Das announced the launch of the "Har Payment Digital" mission and that the RBI will launch a "75 Digital Villages" program to commemorate the 75th anniversary of India's independence. Payment System Operators (PSOs) will adopt 75 villages across the nation and transform them into digital payment-enabled villages as part of this program.

The governor stated that campaigns have been launched by the central bank to educate users not to share confidential information. Das stated that there was a pattern in these fraudulent messages, pointing to the increase in fraudulent messages requesting KYC updates. "When there is a festival when people aren't paying attention, there are usually more of these fake messages," Das said. He went on to say that RBI was collaborating with authorities to take action against the con artists.

"The mission "Har Payment Digital" aims to increase the ease and convenience of digital payments and make it easier for new customers to get started using them. Banks and non-bank payment system operators are planning a variety of campaigns to highlight the available digital payment channels.

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