NT Verdict
True
The Claim Being Checked
“UPI has crossed $1 trillion in annual transaction value, making India a global payments model”
Said by
RBI Governor Sanjay Malhotra
Governor, Reserve Bank of India
Where
RBI Annual Report 2025-26, May press conference
When
Apr 29, 2026
NT Verdict
True
This claim checks out against primary sources.
What NT Found
NPCI data confirms UPI processed ₹246 lakh crore (~$2.94 trillion at FY26 average exchange rate) — nearly three times the $1 trillion claim. The claim is accurate and actually understates the scale. UPI accounts for 46% of global real-time payment transactions.
How We Verified This
Step 1 — Claim Flagged
Claim attributed to RBI Governor Sanjay Malhotra (Governor, Reserve Bank of India) via RBI Annual Report 2025-26, May press conference on Apr 29, 2026. Assigned to fact-checker Amit Verma for verification.
Evidence 1
NPCI UPI Stats FY26: 207.5 billion transactions processed
Evidence 2
NPCI UPI Stats FY26: ₹246.74 lakh crore total value
Evidence 3
At ₹84/$ average FY26: $2.94 trillion — 3× the stated $1 trillion
Evidence 4
Daily average: ₹6,758 crore in transactions
Evidence 5
UPI's global share of real-time payment transactions: 46% (ACI Worldwide 2026)
Evidence 6
246 billion real-time payments in India vs 10 billion in USA in FY26
Final Verdict
True — This claim checks out against primary sources.
Sources Consulted
4 sourcesNPCI UPI Statistics – FY26 Annual Summary
official
RBI Annual Report 2025-26
official
ACI Worldwide Prime Time for Real-Time 2026
database
BIS Payment and Market Infrastructure Statistics 2025
database
How we verified this: NT fact-checkers consulted primary government data, independent surveys, and expert analyses. All verdicts undergo a two-editor review before publication. We link every claim to a primary source — not summaries or secondary reporting. Read our full methodology →
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