India’s financial ecosystem has undergone a major transformation in recent years, with the Unified Payments Interface (UPI) emerging as the centrepiece of the country’s digital payments revolution. Just ten years ago, financial transactions in the country were slow and largely cash-dependent but now, they are just a touch or click away, enabling instant, seamless and real-time payments across the country. The shift began with early digital infrastructure such as Real-Time Gross Settlement (RTGS) in 2004 and Immediate Payment Service (IMPS) in 2010, which enabled faster transfers but remained limited in reach. A broader transformation followed with the development of foundational systems under the JAM Trinity: Pradhan Mantri Jan-Dhan Yojana, Aadhaar and mobile connectivity, which expanded financial access and digital readiness.

UPI: India’s core digital payments achievement

Launched in 2016 by the National Payments Corporation of India, UPI has become the most significant milestone in India’s digital payments journey. It simplified transactions by linking bank accounts through a Virtual Payment Address, removing the need for account numbers and IFSC codes. Users can send or receive money instantly using only a mobile number, UPI ID and secure authentication. The system operates 24/7, processes payments in real time and works seamlessly across banks and platforms due to full interoperability. The scale of UPI has expanded rapidly. The network has grown from 216 banks in 2021 to 691 banks by January 2026, creating a unified national payments infrastructure. UPI has become the world’s largest real-time payments system by volume, processing:

It has achieved this scale in under 10 years, making it one of the fastest-growing financial infrastructures globally. The International Monetary Fund (IMF) has recognised UPI as the world’s largest real-time payment system by volume.Beyond scale, UPI has significantly expanded financial inclusion by reducing dependence on cash and enabling instant, low-cost transactions. It has brought millions into the digital economy, particularly small merchants, informal workers and rural users. The ecosystem has also expanded with features such as UPI Lite for small payments, UPI AutoPay for recurring transactions and Credit on UPI for access to pre-approved credit lines. Financial institutions and fintech companies have further built lending and repayment solutions on this infrastructure. Security and system strengthening UPI is supported by strong security architecture, allowing transactions without sharing sensitive banking details and providing built-in grievance redress mechanisms. Further strengthening the system, the Reserve Bank of India (RBI) has mandated two-factor authentication for digital payments from April 1, 2026. This requires multiple verification layers such as PINs, biometrics or secure tokens along with OTPs, significantly reducing fraud risks and improving trust in digital transactions. Global recognition and expansion India’s UPI model has gained international recognition from institutions such as the International Monetary Fund and the World Bank for its scale and inclusiveness. Global leaders, including French President Emmanuel Macron, have acknowledged India’s ability to process over 20 billion transactions per month through UPI, a level unmatched globally. UPI has also expanded internationally and is now operational or interoperable in countries including the United Arab Emirates, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius and Qatar, enabling cross-border payments and supporting global remittance flows.UPI stands as India’s most significant digital financial achievement, a system that has transformed payments at scale, expanded financial inclusion and positioned India as a global leader in real-time digital transactions. Built in under a decade, it has reshaped how the country pays, saves and participates in the formal economy, emerging as a global benchmark for inclusive financial innovation.

The Delhi government has unveiled the draft Electric Vehicle (EV) Policy 2026–2030, outlining a roadmap to curb air pollution and promote clean mobility in the national capital. With vehicular emissions contributing nearly 23% of the city’s pollution, the policy focuses on accelerating the shift to electric vehicles while strengthening the ecosystem needed to support their widespread adoption.The new draft builds on the earlier EV policy introduced in August 2020, which had a three-year term ending in August 2023 and has since been extended. Officials say the updated framework seeks to expand on previous efforts to curb vehicular pollution and accelerate the transition to cleaner transport. The draft offers incentives like a 100% road tax waiver for electric cars, along with benefits and updated rules for two-, three-, and four-wheelers. It also aims to expand charging infrastructure, build a stronger EV ecosystem, and encourage a gradual move away from petrol and diesel vehicles. Focused on cutting emissions, which make up about 23% of Delhi’s pollution, the policy is linked to the Right to Clean Air under Article 21, highlighting a stronger push to improve air quality in the capital.

Here’s what Delhi government’s new EV draft policy has proposed:

It further clarified, “All inputs/representations may kindly be submitted only through the above- mentioned modes. In this regard, the public is humbly requested to avoid visiting the office premises, as the same may cause unnecessary crowding. No objections or suggestions received after the expiry of the said period shall be considered.”Earlier this year, on March 20, CM Rekha Gupta flagged off 300 new electric buses and announced the launch of interstate bus services connecting Delhi with Ghaziabad. A foundation stone was also laid for a new Delhi Transport Corporation office near the IP depot.Meanwhile, health minister Pankaj Kumar Singh had noted the pace of adoption, stating, “After our government came to power, we registered more than 1 lakh EV vehicles. There are many reasons why EVs are not advancing further. The previous government did not provide subsidies for EVs. We are providing those subsidies, but if the previous government had given subsidies, perhaps the people of Delhi would have made more efforts to adopt EVs.“