Summary:

According to Minister of State for Finance Pankaj Chaudhary, UPI transactions in India increased by more than 36% in the first quarter of FY25, reaching Rs. 60 trillion (US$ 718.30 billion). Between April and June, 41.22 billion transactions were registered, up from 27.62 billion in the same period the previous year. For FY24, UPI transactions totaled 131.13 billion, worth Rs. 200 trillion (US$ 2.39 trillion), reflecting a substantial increase from 83.71 billion transactions worth Rs. 139 trillion in FY23 and 45.96 billion transactions valued at Rs. 84 trillion in FY22.

Mr. Chaudhary also introduced a new cardless cash deposit option via UPI, available at certain banks. Customers can deposit up to Rs. 50,000 (US$ 594.73) per transaction, with banks allowed to set lower limits based on risk standards. The National Payments Corporation of India (NPCI) will establish guidelines for the number of Interoperable Cash Deposit (ICD) transactions permitted per depositor. Additionally, transaction notifications will now include depositor information and indicate that the transaction is a cash deposit, enhancing transparency and security.

Source: IBEF 

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