Daily UPI transactions set to touch ₹100 crore shortly, says RBI official

Unified Payments Interface (UPI) transactions worthy astir ₹75 crore are processed regular successful the country, and the fig is expected to soon scope ₹100 crore, said V.S. Prajish, General Manager, Reserve Bank of India (RBI).

He was speaking astatine a sheet treatment connected ‘Combating Cyber Financial Fraud: Challenges and Solutions’ during the yearly South Zone Conference connected Telecom Security organised by the Department of Telecommunications (DoT) present connected Thursday. Nearly 85% of integer transactions successful India are conducted done UPI, which volition observe its tenth day successful April 2026.

‘Fraud averted’

Mr. Prajish said that each banks, outgo aggregators, non-banking fiscal institutions, and cooperative banks person been directed to integrate their systems with the Digital Intelligence Platform (DIP) developed by the DoT. This integration facilitates the Financial Fraud Risk Indicator (FRI) and the Mobile Number Validation (MNV) level done API (Application Programming Interface). The inaugural has helped avert imaginable fraud worthy astir ₹500 crore successful the past six to 7 months. Often, banks are incapable to verify whether a mobile fig is ‘clean’ erstwhile linking it to an account. The MNV level volition guarantee that the close mobile fig is mapped to the account.

Recently, during the monetary argumentation announcement, the RBI Governor stated that a compensatory model would beryllium introduced. Under this, customers who suffer wealth to fiscal fraud volition beryllium compensated, astatine slightest once, up to ₹25,000 oregon 85% of the magnitude mislaid adjacent if the lawsuit is astatine fault, specified arsenic by sharing passwords.

‘Golden minutes’

Highlighting the challenges successful combating fiscal fraud, Mr. Prajish noted that wealth siphoned disconnected from customers is transferred crossed aggregate slope accounts and institutions wrong seconds. “The aureate hr erstwhile considered important successful transgression probe is nary longer a aureate hr but aureate minutes. This creates galore difficulties for banks successful freezing funds. Moreover, wealth is withdrawn done ATMs and assorted outgo terminals, galore of which deficiency CCTV sum oregon person poor-quality recordings, which are often nary stored either,” helium said.