UPI Records 2,400 Crore Monthly Transactions: Nirmala Sitharaman Highlights India’s Digital Payments Growth

Finance Minister Nirmala Sitharaman highlighted UPI’s rapid growth, India’s expanding data centre infrastructure and the RBI’s new Odisha facility supporting digital payments, cybersecurity and financial technology development.

UPI Processes Over 2,400 Crore Transactions Monthly, Says Nirmala Sitharaman

India’s Unified Payments Interface (UPI) has emerged as the world’s largest real-time payment system, handling more than 2,400 crore transactions every month, according to Union Finance Minister Nirmala Sitharaman. The platform processes nearly 80 crore transactions daily, reflecting the widespread adoption of digital payments across the country.

Sitharaman highlighted this growth while speaking at the inauguration of the Reserve Bank of India’s (RBI) Greenfield Data Centre and Training Institute in Khordha, Odisha. Prime Minister Narendra Modi inaugurated the facility, which is expected to strengthen India’s digital infrastructure and support critical financial systems.

UPI Transaction Volume Rises Significantly Since 2016–17

According to the finance minister, UPI’s annual transaction volume has increased approximately 13,000 times since 2016–17. Its monthly transaction volume has now crossed 2,400 crore, equivalent to almost 80 crore transactions per day.

The figures underline the growing role of digital payments in everyday financial activities, including retail purchases, money transfers and merchant payments. UPI has made electronic transactions accessible to individuals and businesses, supporting the expansion of India’s cashless payment ecosystem.

The platform’s scale also reflects the increasing integration of digital payment services into the country’s financial infrastructure.

UPI Growth Strengthens India’s Fintech Ecosystem

Sitharaman said the expansion of digital payments has helped create a dynamic financial technology, or fintech, ecosystem.

According to the minister, this ecosystem is extending access to financial products such as credit, insurance and investment services to millions of people using them for the first time.

The growth of digital transactions has also created opportunities for financial service providers to reach customers through technology-driven platforms. Greater access to digital financial services can help individuals and businesses participate more actively in the formal financial system.

The government’s broader digital infrastructure initiatives are intended to support this growth and encourage further innovation across the fintech sector.

Government Push to Expand Data Centre Infrastructure

Alongside UPI’s growth, Sitharaman emphasised the importance of data centres in supporting India’s digital economy. She described these facilities as the “vaults of the digital age”, highlighting their role in storing and processing information securely.

The government has introduced measures to encourage investment in the sector. Data centres received infrastructure status in 2022, a step intended to support infrastructure development and investment.

The Union Budget 2026–27 also announced a tax holiday for foreign companies providing global cloud services from data centres located in India, subject to the applicable conditions.

These initiatives are aimed at encouraging investment in domestic data centre capacity and strengthening the infrastructure needed for cloud computing, digital financial services and other technology-driven industries.

New RBI Data Centre in Odisha to Support Critical Systems

The newly inaugurated RBI Greenfield Data Centre in Khordha is expected to strengthen the central bank’s digital infrastructure and support essential financial operations.

Sitharaman said the campus will house mission-critical RBI systems, including the Real Time Gross Settlement (RTGS) system and the National Electronic Funds Transfer (NEFT) system.

RTGS enables real-time transfers of funds, while NEFT facilitates electronic money transfers between bank accounts. Both are important components of India’s banking and payment infrastructure.

A dedicated facility for these systems is expected to support the reliable operation of services that underpin financial transactions across the country.

RBI Training Institute to Focus on Cybersecurity and AI

The Odisha campus will also include a training institute with a research wing. According to Sitharaman, the institute will develop expertise in cybersecurity, artificial intelligence (AI) and data centre technologies.

These areas are increasingly important as financial institutions expand their use of digital platforms and handle growing volumes of electronic transactions.

Cybersecurity capabilities can help financial institutions identify and respond to digital threats, while AI research may support innovation in financial services and risk management. Training in data centre technologies can also contribute to the development of specialised skills needed to operate critical digital infrastructure.

The institute is expected to contribute to professional development and research in areas relevant to the future of banking and financial technology.

India’s Digital Financial Infrastructure Continues to Expand

The growth of UPI, government support for data centres and the development of the new RBI facility reflect India’s wider efforts to strengthen its digital economy.

As digital payments become more widely used, reliable payment networks, secure data storage and skilled technology professionals will remain important for maintaining trust in financial services.

The RBI’s new facility in Odisha is expected to support critical banking systems, while its training and research functions could help build expertise in emerging technologies.

Conclusion

UPI’s monthly transaction volume of more than 2,400 crore highlights India’s expanding digital payments ecosystem. Finance Minister Nirmala Sitharaman also stressed the importance of data centres and specialised technology training. With the RBI’s new Odisha facility and government incentives for data centre investment, India is continuing to develop the digital infrastructure needed to support secure, accessible and technology-driven financial services.