Breaking India State Business Entertainment Biography Lifestyle

Is your UPI payment also failing? RBI gave reason for this

Sagar Patel

By Sagar Patel

Published on:

Reason for UPI payment error revealed

When it comes to digital payments, India’s name is heard around the world. Technology like UPI has made this job very easy and has enabled everyone from the common man to make digital payments. Still, many times it happens that your digital payment or UPI fails. Now RBI has found out the reason for this.

Digital payment services like UPI and Rupay in the country are managed by the National Payments Corporation of India (NPCI). When the RBI investigated the issue of UPI payment failure, a lot of interesting information came to light.

NPCI is not the reason for non-payment

The Reserve Bank of India (RBI) found in its research that people’s digital payments fail not due to any glitch in the UPI or NPCI system, but due to a glitch in the banking system. Therefore, they have to face the disruption of online payment.

RBI Governor Shaktikanta Das on Friday announced the monetary policy for June. This time too there has been no change in monetary policy, rather the repo rate has remained constant at 6.5 percent. During the conversation with journalists Shaktikanta Das said that the concerned officials of the Central Bank study each case of interruption of online payment to be able to determine what was the reason.

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

Each case is investigated by NPCI.

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

Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

Related Post

Leave a comment

x