Unified Payments Interface (UPI) Context: Unified Payments Interface has completed 10 years since its launch in 2016. The network has expanded rapidly, with participating banks rising from 216 (2021) to 691 (2026). Has significantly improved access to digital payments. Provides affordable and user-friendly payment options across both urban and rural regions. UPI services are now operational in more than eight countries, including: United Arab Emirates, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius, Qatar About UPI A real-time payment platform that allows instant transfer of money between bank accounts using a mobile device. Eliminates the need for traditional banking details during transactions. Managed by the National Payments Corporation of India. Enables users to send and receive money across different banks and apps through a single UPI ID/interface. Ensures seamless integration across platforms. Key Functional Features Instant fund transfer facility 24×7 availability QR code-based payments Supports: Person-to-Person (P2P), Person-to-Merchant (P2M) transactions Security Mechanism Uses two-factor authentication for verification. Built on secure digital protocols to ensure safe and reliable transactions. Southern Railway – 75th Foundation Day Context: Southern Railway, one of the oldest zones of Indian Railways, celebrates its 75th Foundation Day today, April 14. On April 14, 1951, Southern Railway was formed through the amalgamation of the Madras & Southern Mahratta Railway, the South Indian Railway, and the Mysore State Railway. The history of railways in South India began in 1856 with the operation of the first train from Royapuram to Arcot (Walajah Road). The railway network expanded nationally through connections established with the West Coast in the 1860s, Mumbai in the 1870s, and Howrah in the 1900s. Key achievements of Southern Railway include the Nilgiri Mountain Railway (1899) and the Pamban Bridge (1925). While preserving its rich heritage, Southern Railway remains committed to providing modern technology, safety, and world-class amenities.…
Current Trends in Indian Economy
Current Trends in Indian Economy First Payment Gateway to support Credit cards on UPI Razorpay becomes India’s First Payment Gateway to support credit cards on Unified Payments Interface (UPI) Razorpay in partnership with Axis Bank announced its readiness to support Credit Card Transactions on UPI. Earlier, Reserve Bank of India (RBI) announced the linking of RuPay credit cards to BHIM (Bharat Interface for Money) UPI app. BHIM is a payment app that allows simple, easy and quick transactions through UPI. Benefits: No need to carry credit cards for payments, strengthen digital payments and boost India’s credit penetration. Currently, only 6% Indians have access to credit cards. In a similar development, RBI will introduce ‘single-block-and-multiple debits’ feature on UPI platform. Under this, customers will create payment mandates against a merchant by blocking funds in their bank account for specific purposes which can be debited, whenever needed. Benefits: Improve ease of making payments for online shopping, build trust among consumers etc. RBI also announced an expansion of Bharat Bill Payment System (BBPS) to include all payments and collections. BBPS is a one-stop ecosystem for all recurring bills with multiple features (see image). About UPI UPI is a real-time payment system, launched in 2016 by National Payments Corporation of India (NPCI). It links multiple bank accounts into a single mobile application NPCI is an initiative of RBI and Indian Banks Association under Payment and Settlement Systems Act (2007). It is an umbrella organization for operating retail payments and settlement systems in India. One District One Product Scheme The Ministry of Commerce and Industry informed that ODOP initiative is operationally merged with ‘Districts as Exports Hub (DEH)’ initiative. ODOP initiative is aimed at fostering balanced regional development across all districts of the country. It focuses on the district as a unit for converting into…
