Reserve Bank Governor Shaktikanta Das convened discussions on Wednesday with banks and key stakeholders to explore avenues for expanding the Unified Payments Interface (UPI) ecosystem, bolstering product offerings, and stregnthening innovative payment solutions.
The UPI, a real-time payment system developed by the National Payments Corporation of India (NPCI), facilitates seamless inter-bank transactions via mobile phones.
In a statement, the RBI highlighted that Das engaged in talks with major stakeholders including banks, NPCI, third-party application providers, and technology service providers to strategize on scaling up the UPI framework.
"The meeting entailed comprehensive discussions on strategies to broaden and deepen the adoption and usage of UPI. Valuable inputs and suggestions were exchanged among stakeholders," the statement noted.
Discussions encompassed a wide array of topics, ranging from enhancing UPI infrastructure and diversifying product offerings to addressing challenges encountered within the ecosystem and devising innovative solutions to overcome them.
The focus remained on devising innovative approaches to integrate potential users into the digital payments ecosystem seamlessly.
The suggestions garnered during the deliberations will undergo thorough examination, following which the RBI will take appropriate action in due course, the central bank affirmed.
The meeting also saw the participation of RBI Deputy Governor T Rabi Sankar alongside other senior officials of the central bank
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