India has most sophisticated public payments' infrastructure: Raghuram Rajan

Reserve Bank of India Governor Raghuram Rajan said that India has the most sophisticated public payments' infrastructure. He was delivering the keynote address at the launch of National Payments Corporation of India's (NPCI) Unified Payment Interface. 

While speaking at the launch, he said, "India has the most sophisticated public payments infrastructure" in the world. 

During the launch, RBI wished NPCI good luck for the new UPI service saying that much of the achievement came from the vision of Nandan Nilekani. 

The RBI on Monday launched the UPI which will make online money transfers seamless and easy. The platform will allow the user to make transfers and receive money from various banks with only one click, thereby doing away with two-part authentication.

It will also make money transfers instant, using only a single identification process as against the requirement of bank account details, IFSC code, email id, and so on currently. 

According to a moneycontrol report, UPI will be launched on Monday and the first phase will start next week wherein 29 banks will operate the platform.