RBI coming up with new steps to expand UPI outreach

Mumbai: RBI Governor Shaktikanta Das on Wednesday held a meeting with major stakeholders in the UPI ecosystem including banks, National Payments Corporation of India (NPCI), third party application providers and technology service providers during which potential strategies for further expanding the reach of UPI were discussed.

"The various suggestions received will be examined, and suitable action will be initiated in due course," the RBI said.

There were wide-ranging discussions on various aspects to widen and deepen the adoption and usage of UPI at the meeting which was also attended by Deputy Governor T. Rabi Sankar along with senior officials of RBI.

The stakeholders shared their suggestions on strategies for scaling up of UPI infrastructure and expanding the products portfolio. The challenges being encountered by the ecosystem and innovative solutions for addressing them came up during the discussion, according to a RBI statement.

There was also brainstorming on innovative ideas to integrate potential users into the digital payments ecosystem.