UPI | PM Modi’s ‘UPI’s Positive Impact On Street Vendors’ Remark Explained

During an exclusive interview with NDTV, Prime Minister Narendra Modi said UPI has benefitted street vendors exceedingly and increased their faith in the system. He also claims that the street vendors, as cash-based businesses, had no record of income and were denied bank loans. In this video, we explain how UPI impacts the everyday life of street vendors, and a flashback to its genesis eight years ago.

The Unified Payments Interface, developed by NPCI during RBI governor Raghuram Rajan’s regime, was aimed at increasing cashless transactions in India, which were quite low at the time. However, it possibly exceeded expectations of the time and now every ‘nukkad’ shop accepts UPI payments. The most positive impact, probably, has been a record of income and expenses.

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