CURRENT AFFAIRS

Detailed explanation-1: -Reserve Bank of India-Payment and Settlement Systems.

Detailed explanation-2: -India. One of the first online payment systems in the country dates back to 1996, where the Industrial Credit and Investment Corporation of India (ICICI) began to offer their clients online banking services in their retail branches.

Detailed explanation-3: -UPI is an instant payment system developed by the National Payments Corporation of India (NPCI). It powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing and merchant payments into one hood.

Detailed explanation-4: -The Reserve Bank has launched two key initiatives today – (1) UPI123Pay – Option to make Unified Payments Interface (UPI) payments for feature phone users, and (2) DigiSaathi-a 24x7 Helpline to address the queries of digital payment users across products.

Detailed explanation-5: -India recorded 23.06 billion digital transactions in the third quarter of this financial year. This figure included transactions from credit cards, debit cards, and the Unified Payments Interface (UPI), with a value of Rs 38.3 Crore. UPI transactions alone exceeded 19.65 billion transactions worth Rs 32.5 lakh crore.