Bank networks are choked, but these two steps can help them breathe

The National Payments Corporation of India (NPCI), which operates the Unified Payments Interface (UPI) platform, reported a net profit increase of 37% in FY24 at INR1,134 crore. This makes NPCI one of the most profitable entities in the country with over INR1,000 crore in profits. While NPCI is enjoying this financial success, the broader payments ecosystem is facing challenges. There are two aspects here. First, banks’ systems are overburdened