Recently, Reserve Bank of India (RBI) Deputy Governor Swaminathan J highlighted that while widespread adoption of digital payments had facilitated fast, low-cost transactions and easy withdrawals through mobile banking and apps, it had also increased risks to operational stability, necessitating continued investments in IT systems and technology to handle peak loads effectively. The RBI also underlined that 24×7 availability of online and mobile banking can increase vulnerabilities, potentially accelerating bank runs and liquidity crises during periods of stress. In this context, Business standard Analyzes how digital payments have evolved in India over the years.
First published: August 22, 2024 | 11:09 PM IS
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