Mumbai, Oct 7
UPI powers 50 per cent of digital payments globally, but despite its growth, bringing the entire community living in tribal and rural areas into the formal financial system remains a major challenge for the government, Department of Financial Services (DFS) Secretary M. Nagaraju said on Tuesday.
Talking to the media on the sidelines of the sixth Global Fintech Fest (GFF) 2025, Nagaraju said: "In many places, we are also facing challenges with internet access. Therefore, offline transactions, rural transactions, are a challenge."
"One thing is certain, that all insurance companies, whether public sector or private sector, have reduced the insurance cost through GST because GST has become zero," he said.
Earlier at the same event, Reserve Bank of India Deputy Governor T. Rabi Sankar announced the launch of three key digital payment innovations-- UPI Multi-Signatory, Small Value Transactions using wearable glasses via UPI Lite, and forex on Bharat Connect.
The Deputy Governor also launched the linkage of the FX Retail Platform with Bharat Connect, enabling retail customers to access foreign currency through their preferred payment or banking apps integrated with the Bharat Connect (BBPS) platform.