Unified Payments Interface (UPI), which completed 10 years of operations, has reached a record Rs 314 lakh crore in transaction value in FY26, representing more than a 4,000-fold increase since inception. The transaction value was just Rs 0.07 lakh crore in 2016-17, the first year of UPI operation. UPI's Role In India's Digital Revolution UPI, launched on April 11, 2016, by the National Payments Corporation of India (NPCI) under the regulatory oversight of the Reserve Bank of India (RBI), has emerged as the backbone of India's digital payments ecosystem and a critical driver of financial inclusion, the finance ministry said in a statement.