Indian digital payment landscape witnessed over 65,000 crore transactions amounting to more than Rs 12,000 lakh crore in the past six financial years, Parliament was informed .
AS reported by PTI , The government has been closely working with different stakeholders, including the Reserve Bank of India (RBI), National Payments Corporation of India (NPCI), fintechs, banks and state governments, to increase the adoption rates of digital payments in the country including in tier-2 and tier-3 cities, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha.
RBI has set up a Payments Infrastructure Development Fund (PIDF) in 2021 to encourage deployment of digital payments acceptance infrastructure in tier-3 to 6 cities, North-Eastern States and Jammu & Kashmir, he said.
As on May 31, 2025, around 4.77 crore digital touch points have been deployed through PIDF, he said.
Replying to another question, Chaudhary said, the New Digital Credit Assessment Model for MSMEs was announced in the Union Budget 2024-25.
“The model envisioned that the public sector banks (PSBs) will build their in-house capability to assess MSMEs for credit, instead of relying on external assessment. PSBs would develop a new credit assessment model, based on the scoring of digital footprints of MSMEs in the economy,” he said.
Subsequently, the Union finance minister had launched the New Credit Assessment Model for MSMEs on March 6, 2025.
