UPI Is Now Available In 7 Countries, 45% Of Real Time Digital Payments Happen In India Itself: FM Sitharaman

Speaking at the 90th Foundation Day of the Bank of Maharashtra, Union Finance Minister Nirmala Sitharaman emphasised that banks must boost infrastructure growth, provide targeted financial support to MSMEs.

FM Nirmala Sitharaman said, “Banks will have to play crucial role in driving the agenda of making India a Viksit Bharat by 2047."

Source : PTI

Union Finance Minister Nirmala Sitharaman has announced that the Unified Payments Interface (UPI) is now available in seven countries. She added that 45 per cent of all real time digital payments are taking place in India itself. The Union Minister, while commenting on this, said that the digital banking system needs to be robust, reliable, and very user friendly with an adequate firewall. 

The Union Minister further said, “Banks will have to play crucial role in driving the agenda of making India a Viksit Bharat by 2047."

UPI now available in 7 countries; 45 pc of all real time digital payments happen in India: FM Sitharaman

— Press Trust of India (@PTI_News) September 19, 2024zx

Sitharaman At Bank Of Maharashtra's 90th Foundation Day Event

Speaking at the 90th Foundation Day of the Bank of Maharashtra, Union Finance Minister Nirmala Sitharaman emphasised that banks must boost infrastructure growth, provide targeted financial support to MSMEs, extend formal banking services to the unbanked, and work towards increasing insurance coverage across the country.

Digital banking system needs to be robust, reliable and very user friendly with adequate firewall: FM Sitharaman

— Press Trust of India (@PTI_News) September 19, 2024

Sitharaman noted that technology is changing the banking landscape because it offers a secure and easy-to-navigate digital banking experience to all customers. PTI quoted her as saying, "You (banks) cannot have a digital system which somewhere gets hacked, and the entire system and the trust which is laid on it getting compromised. So you need to have a robust and resilient system for which every now and then you need to make sure that the firewalls are adequate, any emergency drill which you need to do, what if situation so you know to handle if there is an emergency in terms of digital insecure incidents."