India, as of now, is not only just the fastest-growing major economy, but also a key global voice on pressing issues like climate action and digital innovation
New Delhi: Union finance minister Nirmala Sitharaman on Monday said that India is embracing a cashless revolution with world-class digital initiatives like Unified Payments Interface (UPI). “In the last 11 years, India has seen a remarkable journey under the leadership of Prime Minister Narendra Modi. From making life easier for the common citizen to boosting business confidence, it's been a decade of real and visible change," the finance minister said in a post on X.
India, as of now, is not only just the fastest-growing major economy, but also a key global voice on pressing issues like climate action and digital innovation. “India is embracing a cashless revolution. With Rs 70,000 crore+ worth of UPI transactions daily and 59.6 crore transactions in a single day, digital payments are now the norm,” the finance minister added.
In the month of May, UPI posted a robust growth by processing 18.68 billion transactions, up from 17.89 billion in April. As per data by the National Payments Corporation of India (NPCI), the UPI transactions mark a 33 per cent year-on-year (YoY) surge compared to 14.03 billion transactions in the same month last year.
The UPI transactions rose to Rs 25.14 lakh crore by value last month, a 5 per cent increase from Rs 23.95 lakh crore in April. This reflects a 23 per cent rise from Rs 20.45 lakh crore last year in May. The average daily transaction volume stood at 602 million, while the average daily transaction value reached Rs 81,106 crore.
Meanwhile, the country’s biggest lender State Bank of India (SBI) paid a dividend of Rs 8,076.84 crore to the government for the financial year 2024-25. The dividend cheque was presented to Sitharaman by SBI chairman CS Setty in the presence of 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, higher than Rs 13.70 per equity share distributed for the previous year. SBI had paid a dividend of Rs 6,959.29 crore to the government last year.
