RBI sustains efforts towards accelerating global outreach of India's domestic payment systems
The Reserve Bank, in its Annual Report 202425 released Thursday said it continued with its initiatives during 2024-25 to enhance the efficiency, security, and accessibility of payment systems, fostering a more inclusive and resilient digital payments ecosystem. Efforts towards accelerating global outreach of Indias domestic payment systems, particularly Unified Payments Interface (UPI) and RuPay cards, were sustained.
During the year, DPSS launched many initiatives in line with Payments Vision 2025, across the pillars of integrity, inclusion, innovation, institutionalisation and internationalisation. Indias payment and settlement systems recorded a robust growth of 34.8 per cent in terms of transaction volume during 2024-25 on top of the expansion of 44 per cent in the previous year. RBI noted that retail payment system recorded robust growth in transaction volume as well as value in 2024-25 with UPI transactions recording an increase of 41.7 per cent while NEFT transactions by 32.4 per cent in terms of volume.
During 2024-25, the Reserve Bank continued with its endeavour towards enhancing the efficiency, security and accessibility of the payment systems, while further expanding the global outreach, promoting digital payments adoption and strengthening cyber resilience. The efforts towards fostering innovation, reducing operational risks and ensuring robust ICT infrastructure for the smooth functioning of its IT systems and applications were sustained. The work relating to cloud facility for the financial sector, next generation core banking (i.e., e-Kuber 3.0), registration of banks for bank.in domain and AI governance policy framework would be initiated in 2025-26, as per the RBI report.
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