NEW DELHI: In the first quarter of the current fiscal year, UPI (Unified Payments Interface) transactions have experienced a remarkable growth of over 36%, totaling Rs 60 lakh crore, according to information presented to Parliament on Monday. Minister of State for Finance Pankaj Chaudhary disclosed these figures in the Lok Sabha, revealing that from April to June 2024, there were 4,122 crore UPI transactions, amounting to Rs 60 lakh crore.
Comparatively, during the same period in 2023, there were 2,762 crore UPI transactions valued at Rs 44 lakh crore. For the entire fiscal year 2023-24, UPI transactions reached 13,113 crore with a total value of Rs 200 lakh crore. This represents a substantial increase from the previous fiscal year (FY23), which saw 8,371 crore transactions worth Rs 139 lakh crore, and FY22, which recorded 4,596 crore transactions valued at Rs 84 lakh crore.
Additionally, Chaudhary announced that a new cardless cash deposit facility has been introduced through UPI on an interoperable basis. This service, currently offered by a select number of banks, allows customers to deposit up to Rs 50,000 per transaction. Banks have the discretion to set lower limits based on their risk management practices.
The National Payments Corporation of India (NPCI) has been instructed to establish guidelines for the permissible number of Interoperable Cash Deposit (ICD) transactions per depositor, either at the Payer PSP level or by NPCI. Each transaction will include detailed information about the depositor and will clearly indicate that it is a cash deposit transaction.
This growth in UPI transactions underscores the increasing adoption of digital payments in India and reflects the continued expansion and improvement of financial services in the country.
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