Latest news with #JanDhanYojana
Time of India
4 days ago
- Business
- Time of India
UPI surge: India leads the world in fast payments; 18 billion monthly transactions power growth
AI image India has become the world's top player in real-time digital payments, largely due to the rapid growth of the Unified Payments Interface (UPI), according to a recent International Monetary Fund (IMF) note titled 'Growing Retail Digital Payments: The Value of Interoperability'. Launched in 2016 by the National Payments Corporation of India, UPI has revolutionised the country's payment ecosystem by enabling users to link multiple bank accounts to a single mobile app and make instant transactions with ease. It has not only simplified peer-to-peer payments but also enabled millions of small businesses to accept digital payments at minimal cost. According to data from the Press Information Bureau (PIB), UPI now processes over 18 billion transactions every month, accounting for 85 per cent of India's total digital payments. In June alone, the platform recorded 18.39 billion transactions worth Rs 24.03 lakh crore — a 32 per cent increase from June last year. With 491 million users and 65 million merchants onboard, UPI connects 675 banks through a single digital framework. 'This shift has taken India away from cash and card-based payments and pushed it towards a digital-first economy,' noted the PIB in its latest background series. 'Millions of individuals and small businesses now rely on UPI for safe and low-cost transactions. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Get Your Handmade Phone Case Now [Limited Offer] Buy Now Undo By making payments quick and accessible, UPI has become a powerful tool for financial inclusion.' The platform's global footprint is expanding as well. UPI is now operational in seven countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius. Its debut in France marks UPI's first foray into Europe, allowing Indians there to pay seamlessly without the usual hassles of foreign transactions. India is also pushing for UPI to be adopted within the BRICS grouping, which now includes six new member nations. As per the PIB, such an expansion 'will improve remittances, boost financial inclusion and raise India's profile as a global tech leader in digital payments.' The journey to this digital success was built on a strong foundation of financial inclusion. The Jan Dhan Yojana was a key enabler, bringing over 55.83 crore people into the formal banking system as of July 9. These accounts not only offer a secure way to receive welfare benefits but also encourage saving and digital financial habits. 'These figures show more than just numbers. They reflect trust, convenience and speed. Every month, more individuals and businesses choose UPI for their payments. This growing use is a strong sign that India is moving steadily towards a cashless economy,' the PIB added. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
NDTV
4 days ago
- Business
- NDTV
India's UPI Revolution Powers 50% Of World's Digital Payments
India is now a global leader in fast payments and the Unified Payments Interface (UPI) is the main driver, as per the International Monetary Fund (IMF). The app-driven tool is the world's most used real-time payment system, handling over 18 billion transactions monthly. In June alone, UPI processed transactions worth Rs 24.03 lakh crore, a 32 per cent rise in transaction volume compared to the same month last year. Launched in 2016 by the National Payments Corporation of India (NPCI), UPI allows users to link multiple bank accounts to one app and transfer money instantly. Its appeal lies in security and round-the-clock accessibility. The platform now serves 491 million individuals and 65 million merchants, with 675 banks connected to the system. UPI handles 85 per cent of all digital payments in India and nearly half of all real-time digital transactions across the world. Why People Choose UPI Before UPI, payment platforms were mostly "closed-loop", meaning, money could only be sent within the same app or wallet. UPI changed that by allowing users to send money across different banks and apps using a single, common protocol. This interoperability opened up competition and improved services. Users can make secure transactions via mobile apps with only a UPI ID. No need to share bank details. Features like QR code payments, app-based customer support, and 24x7 access have made UPI convenient even for small, everyday transactions. For small businesses, UPI offers a zero-cost or low-cost method to accept digital payments, especially useful in rural and semi-urban areas. Its speed and affordability make it accessible for everyone. UPI dominates Global Payment space! India's UPI is now the World's 1 real-time payment system. It enables 85% of all digital transactions in India and powers nearly 50% of global digital payments. #UPI #NewIndia #IndianEconomy — MyGovIndia (@mygovindia) July 14, 2025 What Is Behind UPI's Success? UPI is built on top of a strong national digital infrastructure: Jan Dhan Yojana: Over 55.83 crore bank accounts opened to bring citizens into formal banking. Aadhaar: Over 142 crore unique IDs issued, enabling secure, digital identity verification. 5G and Connectivity: With 4.74 lakh 5G base stations, India's internet access is fast and affordable. Data costs dropped from Rs 308/GB in 2014 to Rs 9.34 by 2022. Mobile Penetration: 116 crore subscribers in 2025 provide a wide base for digital adoption. How UPI Serves Everyday Life Send/receive money instantly, 24x7. Link all bank accounts in one app. No need to carry cash or share sensitive bank info. Easy QR code payments for shops, deliveries, services. Pay bills, recharge phones, and donate directly from the app. Raise complaints or track issues within the app itself. UPI Goes Global UPI's influence is no longer confined to India. The platform is now active in seven countries like UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius.
Mint
5 days ago
- Business
- Mint
India's eastern states engines of growth, just as eastern nations are rising: PM
New Delhi: India's eastern states are gaining momentum, and will be engines of growth for the country, just like eastern nations are rising globally, prime minister Narendra Modi said on Friday at a rally in poll-bound Bihar's Motihari, where he inaugurated new development projects worth over ₹ 7,000 crore. He inaugurated projects in the rail, road, rural development, fisheries, electronics and information technology sectors, the government said in a statement. Speaking in Bihar ahead of the state's assembly elections likely in October-November, Modi said that over the past decade, the Centre has allocated nearly ₹ 9 trillion for the state's development, compared with ₹ 2 trillion in the preceding decade. Modi also said over the past 11 years, more than 40 million houses have been built under the PM Awas Yojana across the country, with nearly 60,00,000 constructed in Bihar alone. India's eastern states, including Bihar, Jharkhand, Odisha, and West Bengal, are among the poorest in the country. Modi also spoke about benefits received by women and farmers in Bihar under central schemes. He said the Centre's Jan Dhan Yojana for financial inclusion has benefited women, with about 35 million women in the state opening new bank accounts till date. In the past one-and-a-half months alone, over 24,000 self-help groups in the state have received more than ₹ 1,000 crore in assistance, through the Jan Dhan accounts. Over 20,00,000 women in Bihar have become 'Lakhpati didis'—women with a net worth of over ₹ 1 lakh due to the Centre's push for financial inclusion. The government's efforts to promote makhanas (fox nuts) had pushed global prices up, Modi said, adding that a Makhana Board has been formed to support the sector. Under the PM-Kisan Samman Nidhi Yojana, approximately ₹ 3.5 trillion has been disbursed to farmers across the country, andthat in Motihari alone, over 500,000 farmers have received more than ₹ 1,500 crore through this also said the Pradhan Mantri Dhan-Dhanya Krishi Yojana, recently approved by the Union cabinet, will identify, prioritise, and provide financial benefits to farmers in 100 districts that agriculturally-rich in potential but lagging in productivity and farmer projects inaugurated by Modi on Friday included the development of infrastructure for maintenance of Vande Bharat trains at Patliputra,and automatic signalling on Bhatni-Chhapra Gramin rail line (114 km) to enable streamlined train operations. He also inaugurated a new Software Technology Parks of India (STPI) facility at Darbhanga and an Incubation Facility of STPI at Patna for promoting the information technology (IT) industry and startups.
The Wire
7 days ago
- Business
- The Wire
'NITI Aayog No Substitute,' Says Ex-Bureaucrat as Govt Moves 9 Flagship Schemes Out of Usual Appraisal System
'By doing away with such an appraisal process, and bringing in NITI Aayog, the government is blocking doors to a professional socio-economic appraisal of schemes – something that is essential.' An illustration on the Ayushman Bharat Digital Mission's official site. New Delhi: Ayushman Bharat, Pradhan Mantri Jan Arogya Yojana, and PM Kisan, are among nine of the Narendra Modi government's flagship schemes that the government has decided to keep outside the ambit of the ongoing appraisal process for central sector programmes, Economic Times has reported. Speaking to The Wire, a former secretary in the finance department has called this a move by the government to block doors to a professional socio-economic appraisal of schemes. The report says that in a letter dated July 4, the Department of Expenditure asked the respective ministries and departments to exclude the schemes from the standard appraisal process. This exclusion will remain in place for the next five years, starting April 1, 2026, the report said. These schemes, the letter said, will be evaluated and appraised in detail by the planning think-tank NITI Aayog's Development Monitoring and Evaluation Office. An unnamed senior official quoted by ET noted that this is because some of these schemes will need "some structural changes." "Niti Aayog has been tasked to do the detailed exercise so there is no duplicity of efforts,' the official told ET. The full list of the schemes are: Ayushman Bharat, Pradhan Mantri Jan Arogya Yojana, PM Kisan, Ujjwala Yojana, PM Jan Dhan Yojana, PM Stand Up India, PM Jeevan Jyoti Bima Yojana, PM Suraksha Bima Yojana, and a scheme under the Department for Promotion of Industry and Internal Trade to refund central GST and integrated GST to industrial units in northeastern and Himalayan states. In addition, schemes related to the Department of Space and the Department of Atomic Energy and the National e-Vidhan scheme are also outside the ambit of the appraisal process. A former secretary in the finance department told The Wire that the NITI Aayog is no substitute for an established system of appraisal. The former bureaucrat said that the established practice is that a Public Investment Board (PIB) headed by the expenditure secretary appraises all new schemes that involve large investments. The erstwhile Planning Commission – under the Manmohan Singh-led United Progressive Alliance government – used to have a Project Appraisal Division (PAD) that had expertise in evaluating such schemes and projects. The PAD would give inputs to the PIB for appraisal. The PIB's recommendations on the scheme would then be looked at by the Cabinet for a final decision. The former IAS officer, who headed the PAD and PIB, noted that PAD and PIB inputs added value to schemes. "While recommending a scheme to the Cabinet with improvements, I remember setting apart a small percentage of the investment for independent social audits to provide feedback during implementation," he noted. He also added that NITI Aayog "woefully lacks the required expertise, as PAD used to conduct social-cost social-benefit appraisal, which NITI Aayog is not in a position to do." "By doing away with such an appraisal process, and bringing in NITI Aayog, the government is blocking doors to a professional socio-economic appraisal of schemes – something that is essential," he added. The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments.
Time of India
16-07-2025
- Business
- Time of India
Nine flagship government schemes exempt from standard appraisal till 2031
The government has decided to keep nine flagship schemes outside the ambit of the ongoing appraisal process for central sector programmes for the next five years, starting April 1, 2026. In a letter dated July 4, the Department of Expenditure instructed the respective ministries and departments to exclude schemes such as the Ayushman Bharat , Pradhan Mantri Jan Arogya Yojana , PM Kisan , Ujjwala Yojana and PM Jan Dhan Yojana from the standard appraisal process as these, with far-reaching social implications, will be evaluated and appraised in detail by the Niti Aayog's Development Monitoring and Evaluation Office. Explore courses from Top Institutes in Select a Course Category Data Science Data Science Artificial Intelligence Product Management Finance CXO MCA Healthcare Leadership Cybersecurity Technology Digital Marketing Design Thinking Public Policy PGDM healthcare Management Operations Management others Project Management Degree Data Analytics Others MBA Skills you'll gain: Duration: 11 Months E&ICT Academy, Indian Institute of Technology Guwahati CERT-IITG Postgraduate Cert in AI and ML India Starts on undefined Get Details Skills you'll gain: Duration: 11 Months IIT Madras CERT-IITM Advanced Cert Prog in AI and ML India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months E&ICT Academy, Indian Institute of Technology Guwahati CERT-IITG Prof Cert in DS & BA with GenAI India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK DABS India Starts on undefined Get Details Skills you'll gain: Duration: 30 Weeks IIM Kozhikode SEPO - IIMK-AI for Senior Executives India Starts on undefined Get Details "Some of these schemes have done well but require some structural changes and the Niti Aayog has been tasked to do the detailed exercise so there is no duplicity of efforts," a senior official told ET. The other four schemes are the PM Stand Up India, PM Jeevan Jyoti Bima Yojana and the PM Suraksha Bima Yojana managed by the Department of Financial Services, and a scheme under the Department for Promotion of Industry and Internal Trade to refund central goods and services tax and integrated GST to industrial units in north-eastern and Himalayan states. The Department of Expenditure has also kept the schemes related to the Department of Space and the Department of Atomic Energy outside the ambit of this exercise which require special appraisal and approval procedures. The National e-Vidhan scheme will also be outside the ambit of the appraisal process. Live Events
