SME Times is powered by   
Search News
Just in:   • PM Modi meets Keir Starmer ahead of key FTA deal signing  • From 1993 to date, how PM Modi's diaspora diplomacy took root and flourished in the UK  • Russian plane crashes in Amur, kills all 49 on board  • Mahima-Gosain Express' coach derails near Sambalpur, no casualties  • India's aviation safety norms match ICAO, European Union standards: Naidu 
Last updated: 09 Jun, 2025  

nt.jpg India embraces cashless revolution in last 11 years: Nirmala Sitharaman

nt.jpg
   Top Stories
» PM Modi meets Keir Starmer ahead of key FTA deal signing
» Indian Railways spent Rs 60,466 crore in subsidy for passengers in FY24: Govt
» 237 Railways projects worth Rs 1,90,333 crore sanctioned in less than 4 years: Ashwini Vaishnaw
» Japan will pay 15 pc 'reciprocal' tariffs under trade deal: Trump
» Govt to ensure country’s interests are protected as India, US negotiate trade deal
IANS | 09 Jun, 2025

Union Finance Minister Nirmala Sitharaman on Monday said that India is embracing a cashless revolution with world-class digital initiatives like unified payments interface (UPI).

In the last 11 years, India has seen a remarkable journey under the leadership of Prime Minister Narendra Modi, the finance minister said on a post on X.

“India is embracing a cashless revolution. With Rs 70,000 crore+ worth UPI transactions daily and 59.6 crore transactions in a single day, digital payments are now the norm,” the minister added.

From making life easier for the common citizen to boosting business confidence, it's been a decade of real and visible change, she further stated.

India today is not just the fastest-growing major economy, but also a key global voice on pressing issues like climate action and digital innovation.

In the month of May, UPI posted a robust growth by processing 18.68 billion transactions, up from 17.89 billion in April. As per data by the National Payments Corporation of India (NPCI), the UPI transactions mark a 33 per cent year-on-year (YoY) surge compared to 14.03 billion transactions in the same month last year.

The UPI transactions rose to Rs 25.14 lakh crore (by value) last month, a 5 per cent increase from Rs 23.95 lakh crore in April. This reflects a 23 per cent rise from Rs 20.45 lakh crore in May last year. The average daily transaction volume stood at 602 million, while the average daily transaction value reached Rs 81,106 crore.

The UPI has strengthened its dominance in India’s digital payments system with its share in the total transaction volume rising to 83.7 per cent in 2024-25 from 79.7 per cent in the previous financial year.

The RBI’s annual report shows that UPI facilitated 185.8 billion transactions during 2024-25, which represents a 41 per cent year-on-year increase. In value terms, UPI transactions rose to Rs 261 lakh crore from Rs 200 lakh crore in FY24.

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
84.35
82.60
UK Pound
106.35
102.90
Euro
92.50
89.35
Japanese Yen 55.05 53.40
As on 12 Oct, 2024
  Daily Poll
Do you think Indian businesses will be negatively affected by Trump's America First Policy?
 Yes
 No
 Can't Say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter