Most of the banks brace for the eventual exit of Reserve Bank of India governor Raghuram Rajan in September. All the banks are also busy filling in the Unified Payments Interface (UPI), the July 15 launch of which may get delayed due to unfinished technicalities.
One of Raghuram Rajan's initiatives would be possible only by September and right now the structure and framework of UPI is being done. UPI was launched last month by National Payments Corporation of India. This is an umbrella organization for all retail payments system, aims to make money transfers via mobile banking as simple as sending text messages.
Both State Bank of India and Bank of Baroda are all set for a launch by month of September. During the launch of UPI, SBI MD Ranjish Kumar said, "We don't have to ensure the transactions are flawless. In case of failed transaction, the would be auto reversal of money.
At the end of the day, I can auto reverse my (SBI’s failed) transactions, but that is not the case when other banks are involved."