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The UPI Phenomenon

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Thank you for all the support on the last blog. This one is crisp and direct but for those craving for more, I'll be providing some links to read and understand more about the phenomenon called UPI. UPI is on a roll, it recorded 6 billion transactions in July 2022, the highest since its debut. Let's get straight to the point, how does it work?  I have summarised it in this flowchart for easier understanding. Here,  a Remitter bank refers to a bank holding the account of the payer where the debit of the UPI instruction is received, while a  Beneficiary bank  holds the bank account of the receiver of the funds. This entire process occurs in no time which in itself is an achievement. Note that, The flowchart has been purposefully simplified to get a basic sense of the working of UPI. As we're done with its working, let's understand why UPI is so popular. Firstly, UPI is very reliable as it was launched by NPCI and has end-to-end encryption, secure verification methods,...
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India at 75

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India celebrated its 76th Independence Day yesterday; the perseverant zeal and fortitude of our freedom fighters led us to our freedom from 200 years of British rule.  But what about the story after our freedom?  In 1949, the RBI was nationalized which was considered to be a premature decision,  In the consequent year, the planning commission was formed which is replaced by NITI Aayog n ow which is deemed to be much more efficient than the former commission.  In 1953, the unfortunate decision to nationalize Air India was taken which finally is back in the Tata-fold after 69 years.  Then, Dhirubhai Ambani started a yarn trading business-Reliance Commercial Corporation-from a 500 sq ft office in Masjid Bunder in Mumbai in 1958 with a dream to establish India's largest company, and the rest is history.  In 1986, Sensex was launched which boomed after the 1991 liberalization of the economy.   Pre-1991, India was a mixed economy with socialism in its v...
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