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Source: The Hindu BusinessLine
UPI’s scale raises banks’ risk duties, says RBI’s Murmu
RBI Deputy Governor Shirish Chandra Murmu said UPI’s growth brings greater responsibilities for banks. He stressed stronger systems, fraud controls and customer safeguards as instant payments become central to everyday spending.
Addressing the Global Fintech Festival 2026, Murmu said a disruption or cyberattack could have consequences beyond an individual transaction. During 2025-26, UPI handled around 24,162 crore payments worth ₹314 lakh crore, representing 85 per cent of India’s digital payment volume. India also processes close to half of global real-time payments.
His message centred on keeping services reliable, defending against cyber threats, preventing fraud and protecting users. With UPI available around the clock, banks need systems that withstand severe pressure rather than merely cope with routine demand. Customers should receive prompt, clear information when technical problems occur.
Murmu described cybersecurity as a bank-wide concern, not a task confined to technology teams. RBI is encouraging the .bank.in domain to help people identify genuine banking websites. Its MuleHunter.AI initiative uses artificial intelligence and machine learning to detect mule accounts used to move stolen funds.
He also highlighted risks from account takeovers and attempts to trick users into sharing information. RBI is developing a Digital Payments Intelligence Platform to support cooperation between banks, fintech firms and police. Because instant transfers leave little opportunity to interrupt fraud, he stressed the need for live transaction monitoring.
On digital lending, Murmu said easier access should extend credit to people previously outside its reach. Banks remain accountable for services delivered through fintech partners; using an app to distribute loans does not transfer that responsibility.