UPI Service: Finance Minister Nermalla Sitraman at work after repeated disorders of UPI services, instructions to improve officials

UPI service: Finance Minister Nermalla Sitramman held a meeting with senior officials on Monday and directed to improve UPI infrastructure due to the disruption incidents through the unified payment interface (UPI). Regardless of the Ministry of Finance, the senior officials of the Indian Reserve Bank (RBI) and the National Payments Corporation in India (NPCI) were present at the meeting. The ministry said that various aspects of UPI’s ecosystem were reviewed at the meeting and its future was discussed.

It is worth noting that UPI services have been disrupted three times in the last month. The first accident occurred on March 26, the second on April 1 and the third on April 12. Because of this, people who were relying on UPI had to face a lot of trouble.

In this context, Finance Minister Ajay Seth, Secretary of the Ministry of Finance Services M. Nagaraju, CEO of RBI Vivek Deep, NPCI MD, and CEO of Dilip ASBE are present at the meeting as important.

The Minister of Finance appealed to the users to provide better experiences and improve infrastructure defects with stakeholders to improve the structure of cybersecurity. NPCI officials have ordered an increase in the strength of UPI and measures to prevent future obstacles.

According to the ministry, there was a discussion on the promotion, expansion and improvement of UPI actual monitoring, so that the user’s confidence can be enhanced by providing a service without interruption. UPI is increasing in the country. The average annual growth rate was 72 percent in five years of the 2019-20 fiscal year to 2024-25.

NPCI officials told the Minister of Finance that between 2021-22 and 2024-25, 26 crores became new users of new users and 5.5 new merchants who joined UPI platforms. Currently about 45 rupees are used by UPI active users. In the fiscal year 2024-25 ended on March 31, the price of UPI transactions increased by 30 percent to 261 rupees and the number of transactions increased by 42 percent to 18,586 rupees.

The Minister of Finance asked the officials to work to achieve the goal of one billion transactions per day in the next three years. At the same time, he also insisted on accelerating the development of a framework and an increase in global payment and accelerating UPI internationalization. He said that to increase the access and effect of UPI, they should try to increase the number of users and merchants on the UPI platform.