CURRENT AFFAIRS

Detailed explanation-1: -The pilot launch was on 11th April 2016 by Dr. Raghuram G Rajan, Governor, RBI at Mumbai. Banks have started to upload their UPI enabled Apps on Google Play store from 25th August, 2016 onwards.

Detailed explanation-2: -The service was officially launched on 20 September 2022. On 7 December 2022, RBI announced that UPI will upgrade from single-block-single to single-block-multiple debit for recurring transactions and investments in securities. The feature will help the user block funds for specific purpose and release it when needed.

Detailed explanation-3: -Real-time payments with the Unified Payments Interface (UPI) Developed and launched by the National Payments Corporation of India in 2016, UPI is now one of the most preferred payment solutions in India, with over a billion transactions every month.

Detailed explanation-4: -BHIM (Bharat Interface for Money) is an Indian mobile payment app developed by the National Payments Corporation of India (NPCI), based on the Unified Payments Interface (UPI). Launched on 30 December 2016, it is intended to facilitate e-payments directly through banks and encourage cashless transactions.

Detailed explanation-5: -NPCI provides online transaction routing, processing and settlement services to members participating in UPI. NPCI can, either directly or through a third party, conduct audit on UPI participants and call for data, information and records, in relation to their participation in UPI.