 "UPI, UPI payments, UPI payment")
Transaction messages shall capture the details of the depositor and clearly stipulate that it is a cash deposit transaction | Photo: Shutterstock
UPI transactions in the first three months of the current fiscal have grown over 36 per cent to Rs 60 lakh cr, Parliament was informed on Monday.
As per the details of UPI transactions shared by Minister of State for Finance Pankaj Chaudhary in the Lok Sabha, 41.22 bn UPI transactions worth Rs 60 trn took place between April and June in 2024-25.
In the April-June period, 27.62 bn UPI transactions took place, having a value of Rs 44 trn.
For the full fiscal 2023-24, 131.13 bn UPI transactions were made with a value of Rs 200 trn.
In FY23, a total of 83.71 bn UPI transactions took place with a value of Rs 139 trn, while in FY22, there were 45.96 bn transactions involving Rs 84 trn.
Chaudhary further said that a facility of cardless cash deposits on an inter-operable basis has been extended through UPI.
Presently, this facility has been made available by a select few banks. To ensure the safety and security of cash deposits through UPI, certain conditions have been prescribed, including a customer is permitted to deposit a maximum of Rs 50,000 per transaction using this facility. Banks are permitted to fix a lower limit based on their risk management policies.
National Payments Corporation of India (NPCI) has been advised to prescribe the permissible number of Interoperable Cash Deposit (ICD) transactions for a depositor at the level of Payer PSP or NPCI.
Transaction messages shall capture the details of the depositor and clearly stipulate that it is a cash deposit transaction.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Aug 05 2024 | 4:02 PM IST
