‘Initiatives being taken to make UPI available on feature phones’, says RBI governor

Governor of Reserve Bank of India (RBI) Shaktikanta Das has mentioned that initiatives have been taken to make function telephones (keypad cell phones) additionally function the UPI cost system.

Das made the comment whereas talking at a program organised at Devi Ahilya Vishwavidyalaya (DAVV) in Madhya Pradesh’s Indore district on Friday.

“The UPI payment system has been recognised as a great success internationally. It is one of the initiatives of the Reserve Bank with the solid support of the government without their support it would have not been possible. With the support of the government, RBI has been able to make the UPI as the largest payment system in the world,” the RBI governor mentioned.

He additionally mentioned that he was sharing info in his central board assembly on Friday that the variety of transactions for the month within the UPI exceeded 10 billion within the month of August. The upi was began in September 2016 after which after the expansion has been very regular and now it has crossed 10 billion. But that’s not sufficient, it would develop additional.

“We have encouraged digital payment but the main challenge on the UPI is that it usually needs a smartphone but in our country a large number of people are using feature phones. We have launched some products to make feature phones to operate the UPI system as well. We have also taken steps to ensure that in areas where there is poor connectivity a wallet, kind of facility through which one can make transactions on the UPI,” he added.

“We are also among the few countries which have actually launched a pilot project on CBDC (Central Bank Digital Currency) that is e-rupee. It is nothing but just like paper currency and it is a digital unit of the currency. The pilot project is already in operation and a lot of trials are going on,” Governor Das additional mentioned.

Meanwhile, speaking in regards to the inflation he mentioned that the newest inflation print which was launched for the month of July on August 14 was fairly excessive which was 7.4 laptop. It has taken everyone abruptly however they have been anticipating the inflation to be considerably increased primarily due to vegetable costs. The tomato costs went up by over 200% after which the influence of the rise of tomato costs went straight to different greens so on the entire the vegetable inflation went up.

The influence of the vegetable costs which has gone up, they anticipate to begin moderating it from September onwards. In reality the costs of tomatoes have come down, the federal government has initiated a variety of provides and measures to make tomatoes accessible in poor areas at affordable costs. They anticipate general inflation charge to begin getting average from September onwards, August inflation charge will likely be once more very excessive however they anticipate from September the inflation charge to go down, he added.

Besides speaking in regards to the GDP, Das mentioned, “India is the fastest growing nation in economy now, this has become possible because of the well coordinated action between the Government and the Reserve Bank. The GDP recorded in the April to June quarter of financial year 2023-24 is 7.8 % which is one of the highest. The NPA (Non-Performing Assets) which used to be around 11 percent has now reduced to 3.9 percent.”

(This information report is printed from a syndicated feed. Except for the headline, the content material has not been written or edited by OpIndia employees)