Payment disruptions due to glitch in banking system, not NPCI: Das

The Uncut

Mumbai. The Reserve Bank of India (RBI) has found in its investigation that people are facing disruptions in online payments not due to UPI or NPCI but due to a fault in the banking system. RBI Governor Shaktikanta Das told reporters here on Friday that the concerned officials of the central bank study every case of disruption in online payments to find out what was the reason behind it. He said that during this study, no problem has been found in the National Payment Corporation of India (NPCI) or the Unified Payment Interface (UPI) platform.

Das said, “There is no problem with NPCI or UPI. The problem comes from the bank. We should also keep this in mind.” He said that RBI teams also contact NPCI while investigating payment disruptions. RBI has been very strict with these institutions to keep the downtime of the system to a minimum. RBI has also imposed business restrictions on some lenders like Kotak Mahindra Bank after finding technical flaws. Das said that banks are investing enough on the technology front but it is important for the information technology system to keep pace with the overall business growth.

Share This Article
Leave a comment