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Economy, Schemes & Policies
Mahesh

08/03/23 08:14 AM IST

RBI initiates 75 digital villages programme

In News
  • The Reserve Bank of India (RBI) has launched a programme to adopt 75 villages and convert them into digital payment enabled villages.
About 75 Villages Digital Programme
  • Launching the Har Payment Digital initiative to encourage digital payments adoption among people.
  • Payment system operators (PSOs) will “adopt 75 villages in the country and convert them into digital payment-enabled villages,” under the 75 Digital Villages programme and in observance of 75 years of independence.
  • They (PSOs) will conduct two camps in each of these villages to enhance awareness and onboard merchants in the village for digital payments.
About PSOs
  • PSOs are entities authorised by RBI to set up and operate a payment system.
  • As of February 20, 2023, according to the data on the RBI’s website, there are 67 PSOs including NPCI, Mastercard, Visa, SBI, Punjab National Bank, Amazon Pay (India), PhonePe, Muthoot Finserv USA, Ola Financial Services, PayU Payments, and more under various categories such as retail payments organisations, card payment networks, ATM networks, prepaid payment instruments, etc.
UPI Transactions
  • The peer-to-merchant (P2M) UPI transactions grew 119 per cent in February 2023 to 415.32 crore from 189.58 crores in February 2022.
  • The value of transactions had also increased by 71.1 per cent from Rs 1.63 lakh crore in February 2022 to Rs 2.79 lakh crore in February 2023.
  • P2M transactions had a 55.12 per cent share in total UPI volume of 753.4 crore transactions in February compared to 338.1 crore peer-to-peer (P2P) transactions with a 44.8 per cent share.
Source- PIB

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