India lags in financial inclusion amid booming UPI payments

From April 2020 to August 2021, the total value of UPI transactions in India stood at Rs 68.81 lakh crore, about 69 per cent of the total value of UPI transactions done since its inception in April 2016.

Ever since UPI was launched as a pilot by the then RBI governor Raghuram Rajan in April 2016, the UPI system has seen a huge growth in the number of transactions and aggregate value for processing instant payments.

While the UPI system has provided itself as a catalyst to take forward Prime Minister Narendra Modi’s dream of a Digital India and turning it into a cashless economy, the latest statistics about India’s financial inclusion suggest that there might be a long road ahead to turn the dream into a reality.

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