RBI Governor Shaktikanta Das says, “Initiatives taken to make UPI system available on feature phones”

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Governor of Reserve Bank of India (RBI) Shaktikanta Das whereas addressing a program organised at Devi Ahilya Vishwavidyalaya (DAVV) in Madhya Pradesh’s Indore district stated, ” “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 the largest payment system in the world.”

He additionally stated that he was sharing data 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 can 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 that 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 stated.

Meanwhile, speaking about inflation he stated that the most recent inflation print which was launched for the month of July on August 14 was fairly excessive which was 7.four per cent. It has taken all people unexpectedly however they have been anticipating the inflation to be considerably greater primarily due to vegetable costs. The tomato costs went up by over 200 per cent after which the impression of the rise in tomato costs went straight to different greens so on the entire the vegetable inflation went up.

“The impact of the vegetable prices has gone up, they expect to start moderating it from September onwards. In fact, the prices of tomatoes have come down, the government has initiated a number of supplies and measures to make tomatoes available in deficient areas at reasonable prices. They expect the overall inflation rate to start getting moderate from September onwards. The August inflation rate will be again very high but they expect from September the inflation rate to go down”, he added.

Besides speaking in regards to the GDP, Das stated, “India is the fastest growing nation in the 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 per cent which is one of the highest. Non-Performing Assets (NPAs) which used to be around 11 per cent have now reduced to 3.9 per cent.”



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