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PUNE: Banks should tap into the digital footprints generated by UPI in order to expand their balance sheets, finance minister Nirmala Sitharaman said here on Thursday.
“I would like to think that the potential of the Indian banking system rests on one particular feature of UPI. Actually giving us the advantage is something you can plan for the future,” she said at a Bank of Maharashtra event.
Launched in 2016, UPI has played an important role in transforming retail digital payments in the country. As much as 45% of the total real-time digital payments taking place globally happen in India, Sitharaman said.
According to NPCI data, the number of UPI transactions in India increased to 1,496 crore in Aug from 1,444 crore in July. In value terms, the platform saw transactions worth Rs 20.6 lakh crore in Aug. The FM added that UPI is no longer just for India. Seven other countries – Bhutan, Nepal, Sri Lanka, France, Singapore, UAE and Mauritius – are using the platform too.
She also highlighted the need for the adoption of tech by banks, saying that it can be used for risk mitigation and improved customer service, credit assessment, and fraud detection. “Big data analytics can be used to offer customised products. Banks need to target particular groups.” She noted that banks should handhold businesses to come out of the stress rather than waiting for them to collapse.
“I would like to think that the potential of the Indian banking system rests on one particular feature of UPI. Actually giving us the advantage is something you can plan for the future,” she said at a Bank of Maharashtra event.
Launched in 2016, UPI has played an important role in transforming retail digital payments in the country. As much as 45% of the total real-time digital payments taking place globally happen in India, Sitharaman said.
According to NPCI data, the number of UPI transactions in India increased to 1,496 crore in Aug from 1,444 crore in July. In value terms, the platform saw transactions worth Rs 20.6 lakh crore in Aug. The FM added that UPI is no longer just for India. Seven other countries – Bhutan, Nepal, Sri Lanka, France, Singapore, UAE and Mauritius – are using the platform too.
She also highlighted the need for the adoption of tech by banks, saying that it can be used for risk mitigation and improved customer service, credit assessment, and fraud detection. “Big data analytics can be used to offer customised products. Banks need to target particular groups.” She noted that banks should handhold businesses to come out of the stress rather than waiting for them to collapse.
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