India will soon be digital payment society: Finance Ministry
New Delhi, Sep 3 : With monthly transactions crossing 300 million mark through Unified Payments Interface (UPI), Finance Ministry officials on Monday said digital payment will soon be the norm in the country.
"Digitalisation of payments in India is marching ahead with gusto. With base of 100 million Indians connected with digital payment ecosystem rising at a fast clip, India will soon be a digital payment society," Economic Affairs Secretary Subhash Chandra Garg on Monday said in a tweet.
UPI, the real-time bank-to-bank payment system on mobile platform launched in 2016, registered 312.02 million transactions in August, up 32 per cent from 235.65 million transactions in July, the National Payments Corporation of India (NPCI) said on Saturday.
In terms of transaction value, the money transferred through India's flagship payments platform went up 18 per cent to Rs 54,212.26 crore in August from Rs 45,845.64 crore in July, said the NPCI, which developed the platform, in its monthly update on UPI.
The data does not include transactions with debit or credit in the same account for the month of August, it said. It had directed banks to stop transactions from different UPI applications with debit and credit happening in the same account from August 1 to prevent artificial transactions by fintech companies to increase UPI numbers.
Financial Services Secretary Rajeev Kumar said the spurt in digital transactions reflects changing consumer behaviour and wider adoption of the technology in society.
"Digital India making deep inroads into consumer behaviour. BHIM UPI txns show increasing user adoption month on month. Aug '18 txn count/value up by 32.7% & 18% over July '18. Building a less-cash and financially-inclusive economy," Kumar tweeted.
In a year's time, the number of banks attached to UPI has gone up from 55 in August 2017 to 114 in August 2018. Year-on-year, the volume of transactions shot up 19 times from 16.6 million in August 2017 to 312 million last month, the NPCI data revealed.
To make UPI more attractive, NPCI, which is owned by a consortium of major banks, launched UPI 2.0 last month that allows banks to introduce more facilities like linking customers' overdraft accounts with UPI and checking invoice before payment.
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Class V student in TN thrashed by cook, assistant for demanding egg
Tiruvannamalai (Tamil Nadu), Apr 4 (PTI): A nutritious meal cook and another person were arrested by the police on Friday for thrashing a class V student with broom, here, after the child demanded egg, the state government said.
A video of the purported incident has gone viral, where the boy is seen being beaten up with a broom by the two.
Social Welfare and Women Rights Minister, P Geetha Jeevan, made it clear the Stalin-led government will not tolerate any act of violence against children.
In a social media update, Jeevan said the incident happened at a primary school in Polur union in the district where the cook Lakshmi and an assistant, Muniammal "beat up a student who asked for an egg as part of the nutritious meal."
They were suspended on April 3 and later, criminal action was initiated against them and the two were arrested, she said.
A state government release said an enquiry was initiated following the viral video and after departmental action, the two women were booked under relevant sections of BNS and the Juvenile Justice (Care and Protection of Children) Act, 2015 and subsequently arrested.
திருவண்ணாமலை அரசு துவக்க பள்ளியில் சத்துணவு போடும்போது முட்டையை கேட்ட மாணவனை துடைப்பு கட்டையில் அடிக்கும் சத்துணவு ஊழியர்.... தயவு செய்து நடவடிக்கை எடுக்க வேண்டும். @Anbil_Mahesh pic.twitter.com/p51p12jkeb
— தங்க.காளிப்பாண்டி (@sureshkalipandi) April 4, 2025
