The Finance Minister told how many UPI transactions happened in 3 years, RBI does not track according to location

UPI transactions are not tracked according to geographical location by the Reserve Bank of India (RBI). This came to light when Finance Minister Nirmala Sitharaman was asked some questions about UPI transactions in the Lok Sabha.

UPI transactions are not tracked according to geographical location by the Reserve Bank of India (RBI). This came to light when Finance Minister Nirmala Sitharaman was asked some questions about UPI transactions in the Lok Sabha. One of these questions was how many UPI transactions have happened in different states and union territories across the country including UP and Bihar this year and in the last two years. It was also asked how many frauds have been reported regarding UPI transactions.

Finance Minister Nirmala Sitharaman, while answering this, first said that according to the information received from the Reserve Bank of India, UPI transactions are not tracked according to geographical location. Along with this, she has released a table under two different annexures, telling how many UPI transactions have taken place and how many frauds have been reported.

See in the table how many UPI transactions have taken place

How many frauds related to UPI have been reported

The second question asked to Finance Minister Nirmala Sitharaman was what steps is the government taking to secure UPI transactions and protect them from fraud. Responding to this, she has said that many important steps have been taken by the government, RBI and NPCI. This includes steps like device binding, two factor authentication through PIN, daily transaction limit. Along with this, RBI and all the banks are also spreading awareness to prevent cyber crime.