Citizen's Self-assurance Skyrockets over the Past Eleven Years, Affirms Finance Minister
New Delhi's Digital Revolution
Embrace the cashless wave, as Union Finance Minister Nirmala Sitharaman boldly states that India is leading a digital charge with cutting-edge initiatives like Unified Payments Interface (UPI). She declared, "India, under the great leadership of Prime Minister Narendra Modi, has witnessed a transformative decade characterized by ease for the common folk, increased business confidence, and tangible, noticeable change."
India has earned the title of the world's quickest-growing major economy and a significant global voice on pressing issues such as climate action and digital innovation. Sitharaman continued, "India is venturing into a cashless revolution. With over Rs 70,000 crore in UPI transactions on a daily basis and 59.6 crore transactions in a single day, digital payments are now the new norm."
In May, UPI transactions paved the way with an impressive growth rate, processing a staggering 18.68 billion transactions, up from 17.89 billion in April. According to data from the National Payments Corporation of India (NPCI), UPI transactions witnessed a 33 percent year-on-year (YoY) increase compared to 14.03 billion transactions in the same month last year.
The UPI transactions saw a substantial rise to Rs 25.14 lakh crore by value last month, up by 5 percent from Rs 23.95 lakh crore in April. This represents a 23 percent uptick in comparison to Rs 20.45 lakh crore in May 2024. The average daily transaction volume averaged at 602 million, while the average daily transaction value reached Rs 81,106 crore.
Meanwhile, State Bank of India (SBI), the country's largest lender, presented a dividend of Rs 8,076.84 crore to the government for the financial year 2024-25. The dividend cheque exchange took place in the presence of SBI Chairman CS Setty, Financial Services Secretary M Nagaraju, and Finance Secretary Ajay Seth.
SBI declared a dividend of Rs 15.90 per share for the financial year 2024-25, which is higher than the Rs 13.70 per equity share paid out in the previous year. SBI distributed a dividend of Rs 6,959.29 crore to the government in 2024.
India's digital payment landscape is markedly dominated by UPI, as transactions now account for 83% of all digital transactions within the country. With these impressive numbers, digital payments are undoubtedly becoming the preferred choice for transactions in India.
The finance minister, Nirmala Sitharaman, announced that India's digital revolution is thriving, with UPI transactions accounting for a significant part of the country's business operations and increasingly preferred over cash due to its convenience and technology-driven efficiency. With UPI transactions growing at an impressive rate and accounting for 83% of all digital transactions in India, it is clear that technology plays a crucial role in the nation's finance and business sectors.
