Ten years ago on this date, August 25, 2016, UPI went live. And we need to thank Dr Manmohan Singh for his visionary work. This needs to be told because many people don’t know where and how this actually started. NPCI, the body that built UPI, was set up in December 2008 under Congress led UPA Government, under a payments law that same government had passed in 2007. The idea was to give every bank in the country one shared digital backbone so money could move as easily as a text message.
Raghuram Rajan was RBI Governor when the UPI pilot launched in April 2016. He was appointed to that post by the Congress led UPA government in 2013. He was instrumental in getting the vision of Congress party rolled out flawlessly. The technical vision behind UPI, one identity, any bank, instant transfer, came out of that same institutional thinking.
Look at where it has reached. Over 24,000 crore transactions last year, worth close to 314 lakh crore rupees. In 2024, UPI alone accounted for roughly half of all real time digital payments processed anywhere in the world.
Ten years later, other countries study UPI as a model. And this is one more reason to remember the legacy of Dr Manmohan Singh and what he had built with his vision.
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Tujhe koi yahan bhav nehin deta. Tu kyun itna rahul gandhi rahul gandhi chillata hai. Tu unki kutte ke varavar v nehin ho. Uske kutta Ka kharch v nere ek saal ki income se jyada hai.
Chup kar