wordpress blog stats
Connect with us

Hi, what are you looking for?

Retail payments transactions grow by 7% in 2020-21: RBI Annual Report

With the country undergoing state-wide lockdowns for the second year in a row due to the spread of the COVID-19 virus, one can expect that a larger chunk of the population will increasingly use digital payments platforms and small-medium businesses will turn to similar modes of payment for their daily operations. While the Unified Payments Interface (UPI) has grown by 92% in terms of the value of transactions to Rs 41 lakh crore in 2020-21, compared to the previous year, the value of retail payments transactions grew by 7% to Rs 41 lakh crore in 2020-21, the Reserve Bank of India (RBI) said in its annual report. Overall, however, the value of digital payment transactions decreased by 12% to Rs 1,410 lakh crore in 2020-2021 compared to the same period of the previous year. The payment systems recorded a robust growth of 26.2 % in terms of volume during 2020-21 on top of the expansion of 44.2% in the previous year. In terms of value, the contractionary trend which started in the previousyear (-1.2%) got further amplified and witnessed a drop of 13.4%, mainly due to lower growth observed in the large value payment system, viz., Real Time Gross Settlement (RTGS) system and decrease in transactions of paper-based instruments — RBI Annual Report The RBI said that the decline in the value of RTGS transactions, a payments channel operated by the RBI for large value transactions, is largely attributable to subdued economic activity. The other reason for the drop in…

Please subscribe/login to read the full story.
Written By

Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?

News

After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples

News

In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection

News

The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.

News

The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ