UPI records 80 crore transactions every day, says Finance Minister Nirmala Sitharaman in Odisha, Watch

Advertisement

Bhubaneswar: Union Finance Minister Nirmala Sitharaman on Sunday said that India’s Unified Payments Interface (UPI) has emerged as the world’s largest real-time payment system, processing nearly 80 crore transactions every day.

Speaking at the inauguration of the Reserve Bank of India’s (RBI) new Data Centre and Cyber Security Training Institute at Jatni in Odisha’s Khordha district, Sitharaman said UPI transactions have increased approximately 13,000 times since 2016-17.

She said the platform now handles over 2,400 crore transactions every month, reflecting the rapid expansion of digital payments in India.

The Finance Minister highlighted that India’s growing fintech ecosystem is extending financial services, including credit, insurance and investment opportunities, to first-time users.

Describing data centres as the “vaults of the digital age,” Sitharaman said the government granted infrastructure status to data centres in 2022. She also referred to the tax holiday announced in the Union Budget 2026-27 for foreign companies providing global cloud services through data centres in India.

Advertisement

Speaking about the newly inaugurated facility, she said the RBI Data Centre would house mission-critical payment systems, including Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT).

The Cyber Security Training Institute, equipped with a dedicated research wing, will focus on developing expertise in cybersecurity, artificial intelligence and data centre technologies.

The Finance Minister emphasised that the new facilities would strengthen India’s digital financial infrastructure and enhance the security and reliability of the country’s banking and payment systems.

Watch the video here:

Also read: Cyclone likely to hit Andhra Pradesh coast on October 28, extremely heavy rainfall expected in…

Advertisement