RBI Releases Payment System Report for December 2024, Highlighting Surge in Digital Transactions.
Banking & Finance
In January 2025, the Reserve Bank of India (RBI) released the Payment System Report, December 2024, which analyzed trends in payment transactions conducted through various payment systems over the last five calendar years (CY) up to CY-2024.
- The report highlights key developments in the payment ecosystem and provides in-depth insights into the Unified Payments Interface (UPI).
- Going forward, this report will be published bi-annually on the RBI website.
- As per the report, 222 crore digital transactions valued at ₹772 lakh crore were recorded in CY-2013. This figure has surged 94 times in volume and more than 3.5 times in value to over 20,787 crore transactions valued at ₹2,758 lakh crore in CY-2024.
Main Point :- (i) The report also revealed that retail digital payments in India have grown from 162 crore transactions in Financial Year 2012-13 (FY13) to 16,416 crore transactions in FY24, reflecting a nearly 100-fold increase over 12 years.
(ii) In January 2025, RBI released its Annual Report of the Ombudsman Scheme, 2023-24, revealing that 95% (2.84 lakh) of complaints received under the Reserve Bank-Integrated Ombudsman Scheme (RB-IOS) between April 1, 2023, and March 31, 2024, were resolved, achieving a disposal rate of 95.10%.
(iii) The report also disclosed that a total of 9,34,355 complaints were received by the Offices of the RBI Ombudsman (ORBIOs) and the Centralized Receipt and Processing Centre (CRPC).
About RBI
Governor : Sanjay Malhotra
Headquarter : Mumbai
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