• Friday, March 29, 2024

Business

Modi hails India’s digital transaction growth

Indian prime minister Narendra Modi (ANI Photo)

By: Shubham Ghosh

INDIAN prime minister Narendra Modi on Friday (12) lauded the use of Unified Payments Interface (UPI) across the country and said digital transactions in India have gone up by 19 times in the last seven years.

“UPI has become the world’s leading country in terms of digital transactions in a very short span of time. In just seven years, digital transactions in India have jumped 19 times. Today our banking system is operational 24 hours, 7 days and 12 months anytime, anywhere in the country,” Modi said while speaking at the launch of a couple of customer-centric initiatives of the Reserve Bank of India (RBI), India’s central bank.

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“Till 6-7 years ago, banking, pension, insurance, everything used to be like an ‘exclusive club in India’. Common citizens of the country, poor families, farmers, small traders-businessmen, women, Dalits-deprived-backwards, all these facilities were far away for all of them,” the prime minister said.

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Modi also said there were no bank branches, no staff, no internet and no awareness in the banking sector.

“The people who had the responsibility of taking these facilities to the poor also never paid any attention to it. Rather, various excuses were made for not changing. It was said that there is no bank branch, no staff, no internet, no awareness, no idea what were the arguments,” Modi said.

The prime minister, who is currently serving her second five-year term after coming to power in 2014, also praised India’s cooperative banks in strengthening the banking sector.

“To further strengthen the banking sector, cooperative banks were also brought under the purview of RBI. Due to this the governance of these banks is also improving and the trust in this system is getting stronger even among the lakhs of depositors who are there,” he said.

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