Now almost everyone in India has learned to make digital payments. The UPI payment system has brought a revolution in this matter. But many times people’s digital payments fail, the reason behind which has now been told by RBI. Read this news…
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.
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.
Payment failure is not due to NPCI
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 interruption in online payment.
RBI Governor Shaktikanta Das announced the monetary policy for June on Friday. This time too, 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 worry about the UPI system but keep in mind the fault in the banking system.
NPCI is questioned in every case
Shaktikanta Das said that whenever RBI teams investigate payment disruptions, they also contact NPCI every time. RBI is very strict in all these cases to keep the downtime of the system to a minimum. Recently, when it found a technical problem in the functioning of Kotak Mahindra Bank, RBI imposed several restrictions on Kotak Mahindra Bank.
