Answering a query on the way forward for Rs 500 foreign money, Sitharaman mentioned, “We’re making each effort to be sure that foreign money will likely be within the decrease denominations, used way more than the upper, because the Rs 2000 is nearly fully out of circulation, apart from presumably 0.02, which continues to be mendacity outdoors. Others have given it to the banks.”
“We have to have extra digital consciousness constructed so that individuals see a profit in doing digital transfers,” the Union Finance Minister mentioned on the ‘Nationwide Commemorative Seminar on 60 Years of Pt Deendayal Upadhyaya Integral Humanism Lectures’ within the nationwide capital.
Lately, India has witnessed an unparalleled rise in digital transactions, marking a big milestone in its journey in direction of turning into a cashless society.
On the forefront of India’s digital fee revolution is UPI with a document hit of 16.73 billion transactions in December 2024.
Along with this, Speedy Fee Service (IMPS) and FASTag have emerged as pivotal gamers, making monetary transactions quicker, extra accessible, and safe.As of current information from the Nationwide Funds Company of India (NPCI), UPI has set a brand new document by processing over 16.73 billion transactions, with a staggering transaction worth of Rs 23.25 lakh crore. It is a notable soar from Rs 21.55 lakh crore in November.In 2024, UPI processed round 172 billion transactions, marking a 46 per cent improve from 117.64 billion in 2023. This rise underscores a broader cultural shift towards monetary inclusivity, with UPI being a central pillar.
