"These customer centric initiatives are being taken to encourage consumers to make digital transactions through BHIM instead of using cash."
The fund also saw participation from Bessemer Ventures and Catamaran Ventures.
SBI, which joined UPI towards the end of 2016, said that around 35% of UPI transactions happen through its handle, though it might originate from a different payment app.
There is no real threat. You need to understand that the Insolvency and Bankruptcy Code (IBC) is new, which has to be tested.
Companies such as Mobikwik and Paytm saw more than six-fold growth in business.
BHIM app enables payment transactions through UPI. Users can make instant bank-to-bank payments and pay and collect money using their mobile phone.
Debit card usage more than doubled to 400 mn-plus transactions at the height of the cash crunch in December from 140 mn in October. The number fell to 250 mn in February.
While foreign inflows have been tepid in the first week of July, backed by few strong initial public offerings in June inflows showed very strong numbers.
Redcarpetup will allow the bank to lend to students, something banks haven't done before.
Transactions in the past month totalled 831 million, compared with 858 million in May.
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