Page 41 - Banking Finance June 2023
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ARTICLE






          E- BANKING




          MANAGEMENT IN



          INDIA




















                                                       Abstract
           Electronic- banking use of computers and telecommunications to enable banking transactions to be done by telephone
           or computer rather than through human interaction. Its features include electronic funds transfer for retail purchases,
           automatic teller machines (ATMs), and automatic payroll deposits and bill payments.
           Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation
           of India (NPCI). The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.
           UPI is powered by Immediate Payment Service (IMPS). It is regulated by the Reserve Bank of India (RBI) and works
           by instantly transferring funds between two bank accounts on a mobile platform.
           As of February 2022, there are 304 banks available on UPI with a monthly volume of 4.52 billion transactions and a
           value of Rs. 8.26 lakhcrore (US$110 billion). UPI witnessed 68 billion transactions until November 2021. The mobile-
           only payment system helped transact a total of Rs. 34.95 lakh crore (US$460 billion) during the 67 months of operation
           starting from 2016.
           As of May 2021, the platform has 15 crore (150 million) monthly active users in India. The proportion of UPI transactions
           in total volume of digital transactions grew from 23% in 2018-19 to 55% in 2020-21 with an average value of Rs.
           1,849 per transaction. There were digital transactions worth Rs. 8.31 lakh crore in January 2022 via the platform.In
           FY 2022, the UPI crossed transactions worth $1 trillion.



                                                              History
                         About the author
                                                              In April 2009, the National Payment Corporation of India was
           Dr. Morusu Siva Sankar                             formed with the objective to integrate all the payment
           M.Sc., (IT) MBA M Tech (CS) M.Com., Ph.D.,
                                                              mechanisms available in the country and make them uniform
           PDF (Post-Doctoral Fellow UGC)
                                                              for retail payments. By March 2011, RBI found out that in
           Academic Consultant, Dept. of commerce,
                                                              India only six non-cash transactions happen every year per
           S.V. University, Tirupati
            BANKING FINANCE |                                                                 JUNE | 2023 | 37
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