UPI Volumes Skyrocket To Rs 8.37 Thousand Cr | 7 Years Of Demonetization

2023 • 5min • News • Business


Published On: November 08, 2023 - Today, on November 8, demonetization completes 7 years. In terms of data, cash transactions rose to Rs 33 lakh crores in 2022-23 from Rs 13.35 lakh crores in 2016-17. The Unified Payments Interface (UPI), which was also introduced in 2016, boomed to Rs 8.37 thousand crores in volume in 2022-23. Prime Minister Narendra Modi announced the decision in 2016 by demonetizing Rs 500 and Rs 1,000 notes with an aim to curb black money circulation in the country and promote digital payments. Join News9's Shweta Kothari and Kartik Malhotra for more on this story.