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Urjit Patel unveils UPI 2.0 with enhanced features developed by NPCI

The first version of UPI was launched in 2016

Unified Payments Interface  |  Upi 2.0  |  Reserve Bank Of India

IANS  |  Mumbai 

RBI Governor Urjit Patel
FILE PHOTO: RBI Governor Urjit Patel

(RBI) Governor, on Thursday launched the (UPI) 2.0 developed by the Payments Corporation of India (NPCI).

The has enhanced features such as "invoice in the inbox, signed intent or QR, UPI mandate with blocking of funds and UPI for overdraft account", said in a statement.

Speaking at the launch, Patel said the enhanced platform is the outcome of "a calibrated approach adopted by the Reserve Bank, in the initial years as a developer and in later years as a catalyst and facilitator."

Patel also outlined the need for ensuring adequate importance on and noted that costs should not be an inhibiting factor for the same, the statement said.

Nandan Nilekani, Advisor - Innovation, said the UPI has grown considerably post demonetisation and has been the catalyst for retail payment systems with many banks building products around the UPI.

The first version of UPI was launched in 2016.

First Published: Thu, August 16 2018. 21:40 IST