Question

Which of the following options is incorrect about “the payment and settlement systems growth in India” as the RBI’s Annual Report 2022-23, ?

A The number of payments made using digital methods increased by 57.8% in 2022-23. This is the second consecutive year that the number of digital payments has grown by more than 50%.

B The growth in digital payments was driven by a number of factors, including the increasing popularity of mobile wallets and UPI (Unified Payments Interface).

C The share of digital transactions in the total volume of non-cash retail payments increased to 99.6% in 2022-23. This means that almost all non-cash retail payments were made using digital methods in 2022-23.

D The government has taken a number of initiatives to promote digital payments, such as the demonetization of high-value currency notes in 2016 and the introduction of the UPI system in 2016.

E The value of digital payments also increased in 2022-23, but at a Higher pace than the number of transactions. The value of digital payments decreased by 7.2% in 2022-23.

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Which of the following options is incorrect about “the payment and settlement systems growth in India” as the RBI’s Annual Report 2022-23, ?

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