UPI Transactions / Does your UPI payment fail too? RBI told the reason for this

Vikrant Shekhawat : Jun 08, 2024, 08:17 AM
UPI Transactions: India is known all over the world for digital payments. Technology like UPI has made this work very easy and has enabled everyone from the elite to the common man to make digital payments. Still, it is often seen that your digital or UPI payment fails. Now RBI has found out the reason for this.

The National Payment Corporation of India (NPCI) runs digital payment services like UPI and Rupay in the country. When RBI investigated the issue of UPI payment failure, many interesting facts came to light.

Not NPCI, the reason for payment failure

The Reserve Bank of India (RBI) found in its investigation that people's digital payments fail not due to any deficiency in the UPI or NPCI system, but due to a fault in the banking system. Therefore, they have to face interruptions in online payments.

RBI Governor Shaktikanta Das announced the June monetary policy on Friday. This time also no change has been made in the monetary policy, rather the repo rate has been kept stable at 6.5 percent. Shaktikanta Das told reporters during this time that the concerned officials of the central bank study every case of disruption in online payment, so that it can be found out what was the reason for it?

This study revealed that there is no problem in the platform of NPCI or UPI. Rather, this problem comes from the bank. Therefore, we should not focus on the UPI system but on the problem in the banking system.

NPCI is questioned about every case

Shaktikanta Das said that whenever RBI teams investigate the disruption in payment, they also contact NPCI every time. To keep the downtime in the system to a minimum, RBI is very strict in all these matters. Recently, when it found a technical problem in the work of Kotak Mahindra Bank, RBI imposed many restrictions on Kotak Mahindra Bank.