RBI Governor Shaktikanta Das has recently revealed the reason behind frequent disruption in UPI on Monday.
Speaking during press conference, the RBI governor asserted, that it is Bank’s obsolete technology, which are causing the issues, rather than NPCI’s infrastructure itself.
Furthermore, the problems stemming from the bank, including network link issues, are being addressed.
Meanwhile, as digital payments continue to rise, its cons are being witnessed, as on June 4, many investors were unable to execute transactions during a market downturn, leading to lost financial opportunities.
In order to deal with these issues, RBI announced, that regulated entities must notify about any system failures, whether planned or unexpected.
As per the India’s central bank, it is trying to minimize these incidents, which have been reduced below 1%.
To further enhance the banking experience, RBI has launched UPI lite, which currently handles 10 million monthly transactions.