Finance Minister Nirmala Sitharaman Calls for Action to Strengthen UPI Infrastructure

Finance Minister Nirmala Sitharaman has directed officials to urgently make the Unified Payments Interface (UPI) system more robust, after multiple service disruptions earlier this month.

• A review meeting was held in New Delhi, attended by:
  • Senior officials from the Reserve Bank of India (RBI)
  • National Payments Corporation of India (NPCI)
  • Finance Secretary Ajay Seth
  • Department of Financial Services Secretary M. Nagaraju

Key Focus Areas

• Enhancing UPI Infrastructure:
  • Strengthen resilience, scalability, and real-time monitoring.
  • Ensure uninterrupted service delivery and bolster user trust.
• Collaborative Approach:
  • Sitharaman urged stakeholders to address infrastructure gaps, improve cybersecurity frameworks, and enhance the end-user experience.
  • The NPCI was specifically instructed to reinforce the robustness of the UPI platform to prevent future service disruptions.

Broader Economic Outlook

• India’s Growth Story:
  • Despite recent global uncertainties and downgrades by international agencies, Sitharaman asserted that India’s economy remains resilient.
  • Projected Growth: India is expected to grow by 6.5% in 2025–26, driven by strong domestic consumption and investment demand.
• External Sector Optimism:
  • Services exports are projected to stay resilient.
  • The recent decline in crude oil prices is expected to support a positive inflation outlook.

BS