"UPI Solution To Corruption, Leakage": Union Minister Rajeev Chandrasekhar

Union Minister Rajeev Chandrasekhar asserted that India is turning on its head the narrative about technology being very expensive and very exclusionary, that only the very rich countries can afford the luxury of digitalisation. "If you see what the United Payments Interface (UPI) is, it is a solution to solve a pressing use case of the government. For many years, people looked at India and said Rs 100 leaves Delhi and Rs 15 reaches the beneficiary because the whole process, the government pipe, is so leaky and corroded that there is so much of corruption and leakage. To solve that, the Prime Minister came up with the Jan Dhan Yojana, direct benefit transfer, and then you had UPI evolve. So, just understand that you had governance problems being solved and, at the same time, you have this vibrant innovation ecosystem, which has now become one of the world's biggest fintech innovation ecosystems," he added.