Digital transactions worth 2000 crores taking place every day in India: PM Modi
New Delhi: Business Desk. Prime Minister Narendra Modi on Sunday said that digital transactions worth Rs 20,000 crore are now taking place in India every day. He said that it is not only increasing the facilities but also promoting an atmosphere of honesty. In his monthly Mann Ki Baat radio broadcast, PM Modi said that small online payments are helping to create a bigger digital economy and many new fintech start-ups are coming up. Digital transactions also help in boosting the legal economy by providing a trail of the transactions. It is cost-effective also.
PM Modi said, "At present, transactions worth about 20 thousand crore rupees are being done in India every day. In the month of March, UPI transactions reached to around 10 lakh crore rupees. This is also increasing convenience and honesty in the country. The environment is also being created. Now many new start-ups related to fintech are also growing and providing employment in the country. PM Modi said, "BHIM UPI has rapidly become a part of our economy and habits in the last few years."
Modi said, "Now even in small towns and in most villages people are transacting through UPI. The digital economy is also creating a culture in the country. With the advent of digital payments, it has become easier for them to serve more and more customers. They no longer have any problem with loose money. It also helps in saving and avoiding incidents like theft.
The PM said, "You must also feel the convenience of UPI in everyday life. Wherever you go, to carry cash, to go to the bank, to find an ATM, the hassle is over. All payments are done through mobile itself." Better internet infrastructure and increased penetration of mobile have also led to the growth in the digital economy.