A veteran cooperator and patron of Sahakar Bharati Satish Marathe has called upon the urban cooperative banking sector to brace up for changes that are inevitable with the advent of Unified Payments Interface (UPI).
Unified Payments Interface – a new process in electronic funds transfer was inaugurated by Reserve Bank of India Governor Raghuram Rajan this week. Being implemented by National Payments Corporation of India (NPCI) under the guidance of former chairman of UIDAI Nandan Nilekani, this mode of payment is likely to be as transformational as Aadhaar.
Writing on his FB walls Marathe says” Urban Coop Banks need to immediately prepare themselves to upgrade! Things are changing fast!”
Initially, 29 banks are likely to adopt it, and certification is already in progress for 12 banks. Other banks will follow suit.
Marathe also congratulated TJSB Ltd for being the only Co-op Bank to be a part of the select Group of Banks which together with RBI have launched a simple but unique receipt – payment gateway.
“Simply said, it is a revolution”, he wrote.
On the impact of UPI in coming days Economic Times says “ Ten of the country’s biggest banks along with the Reserve Bank of India have just launched a Unified Payments Interface (UPI) — a mega app that will sit on your smart phone once you have downloaded it and dramatically reduce the cost and time taken for making simple payments. What’s more, you can use this app to pay for any transaction below Rs 1 lakh, even something as low as Rs 50.”