Loan Finance
Home » Finance News » UPI best payments system, RBI not averse to having rival of NPCI: Das

UPI best payments system, RBI not averse to having rival of NPCI: Das

UPI best payments system, RBI not averse to having rival of NPCI: Das

Reserve Bank Governor Shaktikanta Das on Thursday dismissed criticism from certain quarters that after the huge success of UPI, its creator NPCI has become a monopoly and asserted that there is more room for the payment app to grow and it can become the world leader in payments.
Unified Payments Interface or UPI, developed by National Payments Corporation of India (NPCI), has been a runaway success and is already operational in some countries, including Singapore and the UAE.
Its monthly volume in the country crossed the 100-billion mark many months ago. RBI is in discussion with more central banks in other countries.
Dismissing the criticism that NPCI, set up by RBI and other financial institutions, has become a monopoly, he said, it is the best creation.
Das was speaking at a BFSI seminar organized by business daily Mint.
“UPI has already become a digital public infrastructure. In fact it has to grow even further. I would say this is the best payments system in the world as of n