Digital payments surpass 65,000 crore in volume, Rs. 12,000 lakh crore (US$ 138.26 trillion) in worth over six years

India's digital payments landscape has experienced swift expansion, marking more than 65,000 crore transactions worth over Rs. According to Union Minister of State for Finance Mr. Pankaj Chaudhary, 12,000 lakh crore (US$ 138.26 trillion) was recorded over the last six financial years. The government collaborated intensively with the Reserve Bank of India (RBI), National Payments Corporation of India (NPCI), fintech companies, banks, and state governments to promote adoption, particularly in tier-2 and tier-3 cities. The RBI's Payments Infrastructure Development Fund (PIDF), started in 2021, has enabled the establishment of 4.77 crore digital payment acceptance locations by May 31, 2025, in underbanked areas, such as the North-East and Jammu & Kashmir. Furthermore, the government introduced a New Digital Credit Evaluation Model for Micro, Small and Medium Enterprises (MSMEs), revealed in the Union Budget 2024-25 and activated on March 6, 2025. Public Sector Banks (PSBs) presently employ proprietary tools to evaluate creditworthiness utilizing digital footprints such as PAN verification, Goods and Services Tax (GST) information, bank statements, income tax filings, and bureau assessments. Between April 1 and July 15, 2025, a total of 98,995 MSME loans were approved under this model. On the external side, India’s foreign exchange reserves were at Rs. 60,48,052 crore (US$ 696.7 billion) as of July 11, 2025, offering 11 months of cover for imports.