Q. As per RABI, which is the single-largest retail payment system in the country?
Answer:
UPI
Notes: UPI is the single-largest retail payment system in the country, with 14 crore transactions per day in October 2021 and 50% transactions were below Rs 200.
The Reserve Bank of India (RBI) has recently proposed to increase the transaction limit for payments made through Unified Payments Interface (UPI) for the Retail Direct Scheme and initial public offering (IPO) applications to Rs 5 lakh from Rs 2 lakh. RBI also proposes td launch UPI-based payment products for feature phone users.