UPI transactions in the first three months of the current fiscal have grown over 36% to Rs 60 lakh cr. A total of 4,122 crore UPI transactions were conducted between April and June 2024. Additionally, the facility of card-less cash deposits on an inter-operable basis has been extended through UPI.
In the first quarter of the fiscal year 2024-25, UPI transactions have seen a dramatic increase of over 36%, reaching Rs 60 lakh crore.
Minister of State for Finance Pankaj Chaudhary reported in the Lok Sabha that from April to June 2024, there were 4,122 crore UPI transactions worth Rs 60 lakh crore. This compares to 2,762 crore transactions valued at Rs 44 lakh crore during the same period in the previous fiscal year. For the entire fiscal year 2023-24, UPI transactions totaled 13,113 crore with a value of Rs 200 lakh crore, up from 8,371 crore transactions worth Rs 139 lakh crore in FY23, and 4,596 crore transactions involving Rs 84 lakh crore in FY22.
Furthermore, a new cardless cash deposit facility through UPI has been introduced, though it is currently available only at a few banks. This service allows deposits up to Rs 50,000 per transaction, with banks having the option to set lower limits based on their risk policies.
The National Payments Corporation of India (NPCI) has been tasked with setting guidelines for the number of Interoperable Cash Deposit (ICD) transactions and ensuring transaction messages include depositor details and indicate that the transaction is a cash deposit
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