Unified Payment Interface (UPI) was developed by the National Payments Corporation of India (NPCI) which was established by the Reserve Bank of India (RBI) and Indian Banks Association (IBA). It enables real time, person to merchant transactions, inter-bank peer to peer transactions. It was introduced on 11th April, 2016. There are more than 100 million active users of UPI platform. You can read about the National Payments Corporation of India (NPCI) – An Overview of Objectives, Products in the given link.
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Further readings:
- Bad Banks – Idea Proposed by Indian Banking Association (IBA) Due to COVID-19
- Cashless Economy in India – UPSC GS-III Notes
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Related Links |
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SWIFT (Society for Worldwide Interbank Financial Telecommunication) |
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Cash Reserve Ratio (CRR)- Repo Rate & Reverse Repo Rate (UPSC Notes) |
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