RBI holds meeting with UPI stakeholders, aims to expand UPI infrastructure

2 mins read . 09 May 2024 . 01:02 PM

RBI Governor Shantikanta Das, on May 8, along with RBI Deputy Governor T Rabi Sankar met with major stakeholders of the unified payment interface (UPI) ecosystem to discuss potential strategies and challenges to expand digital payment reach further.

National Payments Corporation of India (NPCI) representatives, banks, third-party application providers (TPAP) and technology service providers were the major stakeholders who attended the meeting. Apart from RBI Das and the deputy governor, the meeting was also attended by other senior officials of the monetary authority.

Key Takeaways from RBI’s Meeting:

• Discussed strategies and challenges to expand digital payment reach.
• To examine various suggestions received from the participants of the meeting.
• To take appropriate actions very soon.

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Both sides discussed strategies to scale up the UPI infrastructure and ways to tackle challenges faced by fintech players. Additionally, the RBI said it will examine various suggestions received from the participants of the meeting and will take appropriate actions in due course.

Earlier this year, RBI imposed a ban on Paytm Payments Bank from offering various services. Kotak Mahindra Bank was also restricted from onboarding new customers through its online channels.