India Records 4,122 Crore UPI Transactions Worth Rs 60 Lakh Crore In Q1

UPI transactions in the country surged over 36% from a year ago to Rs 60 lakh crore in the first quarter of the current fiscal year, according to information shared in Parliament on Monday. In the Lok Sabha, Minister of State for Finance Pankaj Chaudhary disclosed that the 2024–25 fiscal year recorded 4,122 crore UPI transactions, totalling Rs 60 lakh crore, from April to June.

During the same period last year, there were 2,762 crore UPI transactions worth Rs 44 lakh crore. The entire fiscal 2023–24 saw the execution of 13,113 crore UPI transactions, totalling Rs 200 lakh crore.

In fiscal 2023, UPI transactions totaled 8,371 crore, with a value of Rs 139 lakh crore. The previous year, fiscal 2021–22, saw 4,596 crore transactions amounting to Rs 84 lakh crore.

Chaudhary also mentioned that a cardless cash deposit facility via UPI on an interoperable basis has been introduced by a select number of banks. To ensure the safety and security of these deposits, certain conditions have been established, including a maximum deposit limit of Rs 50,000 per transaction, although banks may set lower limits based on their risk management policies.

The National Payments Corporation of India has been advised to determine the permissible number of interoperable cash deposit transactions for each depositor at the Payer PSP or NPCI level. Additionally, transaction messages must capture the depositor's details and clearly indicate that the transaction is a cash deposit.

(With inputs from PTI)