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17th January 2023

QUIZ - 17th January 2023

5 Questions

6 Minutes

Economy

Context:

The Union Cabinet’s recent decision to earmark Rs 2,600 crore for providing banks to promote digital payments a welcome step towards broadening the alternatives to cash based payments India, but needs a regulated system for scrutiny as well.

The data for online transactions:

Digital payments ensure inclusive growth: India’s ‘Payments Vision 2025’ document observes that Digital payment systems foster economic development and financial stability while supporting financial inclusion.
Drop in low-value transactions by cash: The rapid and widespread adoption of digital payment methods, coupled with steps to bring more people into the banking system’s fold, thus making more digital payment options.
Increase in better management of payments: As the Unified payment interface (UPI) has made things easier; the total monthly volume of UPI-facilitated transactions aggregated almost 71% jump in volume and a 55% increase in value from a year earlier.

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