Digital payments cross 65,000 crore in volume, Rs. 12,000 lakh crore (US$ 138.26 trillion) in value in six years

India’s digital payments ecosystem has witnessed rapid growth, recording over 65,000 crore transactions valued at more than Rs. 12,000 lakh crore (US$ 138.26 trillion) in the past six financial years, according to Union Minister of State for Finance Mr. Pankaj Chaudhary. The government has worked closely with the Reserve Bank of India (RBI), National Payments Corporation of India (NPCI), fintechs, banks, and state governments to drive adoption, especially in tier-2 and tier-3 cities. The RBI's Payments Infrastructure Development Fund (PIDF), launched in 2021, has facilitated the deployment of 4.77 crore digital payment acceptance points as of May 31, 2025, across underbanked regions, including the North-East and Jammu & Kashmir.
Additionally, the government has launched a New Digital Credit Assessment Model for Micro, Small and Medium Enterprises (MSMEs), announced in the Union Budget 2024-25 and made live on March 6, 2025. Public Sector Banks (PSBs) now use in-house tools to assess creditworthiness based on digital footprints, including PAN authentication, Goods and Services Tax (GST) data, bank statements, income tax returns, and bureau checks. A total of 98,995 MSME loans were sanctioned under this model between April 1 and July 15, 2025. On the external front, India’s foreign exchange reserves stood at Rs. 60,48,052 crore (US$ 696.7 billion) as of July 11, 2025, providing 11 months of import cover. Union Minister of State for Finance, Mr. Pankaj Chaudhary, also informed Parliament that the Indian Banks' Association (IBA) has proposed declaring all Saturdays as banking holidays, and as of March 31, 2025, 96% of staff positions in PSBs are filled, with remaining gaps attributed to attrition and natural exits.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.