RBI guv asks payment cos, banks to beef up systems

Mumbai: RBI governor Shaktikanta Das has asked banks and payment system operators to significantly enhance and modernise the capacity of their system as daily transactions under Unified Payments Interface (UPI) are likely to hit 100 crore soon.“Currently, there are 26 crore transactions a day in UPI and the system has capacity to handle 100 crore a day. So, the system is there to onboard new customers. NPCI is running three systems parallelly so that if there is a problem in one the others are in operation,” said Das, addressing digital payment awareness week at RBI.Launching the ‘Har Payment Digital’ mission, Das said the RBI will initiate a ‘75 Digital Villages’ programme in observance of 75 years of independence. Under this programme, payment system operators (PSOs) will adopt 75 villages across the country and convert them into digital payment-enabled villages. The governor said the central bank has launched campaigns to increase awareness among users to not share confidential information. On the spike in number of fraudulent messages seeking KYC updation, Das said there was a pattern in these frauds. “Usually, there is an increase in these fraudulent messages whenever there is a festival when attention is low,” said Das. He added that the RBI was working with enforcement authorities to act against the fraudsters. “The mission ‘Har Payment Digital’ is aimed at reinforcing ease and convenience of digital payments.”
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