A police officer stands guard in front of the Reserve Bank of India (RBI) head office in Mumbai April 17, 2012. The Reserve Bank of India cut interest rates on Tuesday for the first time in three years by an unexpectedly sharp 50 basis points to give a boost to flagging economic growth but warned that there is limited scope for further rate cuts. REUTERS/Vivek Prakash (INDIA - Tags: BUSINESS)

NPCI Launches Unified Payment interface

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Reserve Bank of India Governor Raghuram Rajan launched the Unified Payments Interface (UPI) system on Monday, as its latest offering in boosting digital money transfers.

The interface has been developed by National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments in the country. The UPI seeks to make money transfers easy, quick and hassle free.

Ten major banks — SBI, Canara Bank, BOI, ICICI Bank, HDFC Bank, Punjab National Bank, Bank of Baroda, HSBC, and Citi Bank — are integrating the interface with their mobile apps. “29 banks had concurred to provide UPI service to their customers. We are confident that several banks will join UPI this year and the number will multiply further,” said A. P. Hota, MD & CEO, NPCI. Read more

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Sweekar S

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