External Affairs Minister S Jaishankar highlighted India’s significant advancement in digital payments, noting that the country conducts transactions worth Rs 120 crore monthly through UPI. In contrast, he pointed out that the US manages only Rs 40 crore annually. The UPI, launched in 2016, integrates various bank accounts into a unified mobile application, enabling seamless fund transfers and merchant transactions. The RBI plans to allow cash deposits in cash deposit machines (CDMs) via UPI, following the success of cardless cash withdrawal using UPI at ATMs.