The National Payments Corporation of India (NPCI) has upgraded the unified payments interface (UPI) with enhanced security features and overdraft facilities. Unveiling the UPI 2.0 on Thursday, RBI Governor Urjit Patel said that the upgraded UPI was the result of the calibrated approach adopted by RBI in the initial years as a developer and in the later years as a catalyst and facilitator. He said the payments systems in India were not only comparable to any system anywhere in the world, but also set standards for others to emulate. He also outlined the need for ensuring adequate importance to cybersecurity, adding that all efforts needed to be channelled to this area. Costs should not be an inhibiting factor to this critical area, Dr. Patel said.
