Page 73 - BFSI CHRONICLE 3092022.indd

BFSI Chronicle, 11 Edition September 2022
th

Currently, the service will be available in Hindi and
English mode, more interactive options and language
choices shall be enabled going forward RBI announced.

boost digital payments and will deepen the digital
Conclusion: payments network, especially in Rural Areas.
Digital payments through UPI have grown manifold
since its launch in 2016. The number of digital References:
transactions exceeds 400 crores involving an amount a. RBI Press Releases.
of ` 8.26 lakh crore in February alone this year, twice
the number of transactions made the previous year. b. Literature on ‘Financial Inclusion’.

There are roughly about 40 crore feature phone c. Information on Mobile Banking through web-sites.
users for them, choices are substantially limited.
It is important to make UPI available offline and
on feature phones. The launch of UPI123Pay will

The Institute Of Cost Accountants Of India

73