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134 Economic Survey 2021-22

Trade 9.1 6.6 5.3 12.7 15.2 8.7
Commercial Real Estate 0.1 22.4 14.7 1.3 3.5 0.4
Non-Banking Financial Com- 26.9 48.2 27.3 0.2 4.7 5.2
panies (NBFCs)

Personal Loans 17.8 20.0 13.0 9.9 9.2 11.6

Housing (Including Priority 13.3 21.1 13.3 9.1 8.4 8.0
Sector Housing)
Vehicle Loans 11.3 23.7 7.2 6.2 6.9 7.7

Source: RBI
Note: Data is provisional and relates to select banks which cover about 90 per cent of total non-food credit extended
by all scheduled commercial banks.

Box 3: DIGITAL PAYMENTS

Financial transactions have been seeing high growth over the last few years with multiple avenues for
making digital payments which are growing over time.
Unified Payments Interface (UPI) is currently the single largest retail payment system in the country
in terms of volume of transactions, indicating its wide acceptance (Figure 3A & 3B). In December
2021, 4.6 billion transactions worth `8.26 lakh crore were carried out by UPI. One of the initial
objectives of UPI was to replace cash for low value transactions. As per detailed transaction data of
NPCI, 50 per cent of transactions through UPI were below `200. On 1st November 2018, ‘UPI as a
payment option in IPO’ was introduced as a new payment channel to the retail investors by SEBI. In
April-November 2021, UPI processed more than 24.26 million One Time Mandate create transaction
of value `44,381 crore. The transaction limit for such transactions which was increased by RBI from
`1 lakh to `2 lakh in March 2020 was further increased to `5 lakh in December 2021. RBI and the
Monetary Authority of Singapore announced a project to link UPI and PayNow, which is targeted for
operationalization by July 2022. Bhutan recently became the first country to adopt UPI standards for
its QR code. It is also the second country after Singapore to have BHIM-UPI acceptance at merchant
locations.
Figure 3A: UPI Payments Figure 3B: Number of banks in UPI

35,000 60,000
300 274
30,000 50,000
250 216
25,000 40,000 200
Volume (inillion) 20,000 30,000 Value (in Rs billion) 150 142 148
15,000
10,000 20,000 100 91
44
5,000 10,000 50
- - 0
2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 Mar'17 Mar'18 Mar'19 Mar'20 Mar'21 Nov'21
(Apr-Dec)
Value (in billion) RHS Volume (in Million)

Source: NPCI Source: NPCI