Urjit R Patel on 4 September 2016 assumed charge as the 24th Governor of the Reserve Bank of India (RBI).
•    The handover ceremony will take place on 6 September 2016.
•    Patel had been serving as the Deputy Governor since January 2013.
•    Patel succeeds Raghuram Rajan, who after serving a three-year term, is going back to academia.
•    On 20 August 2016, the appointment committee of cabinet approved the appointment of Patel for three years.
•    Urjit Patel headed a panel that recommended landmark changes to monetary policy in India. The changes included a switch to inflation-targeting and the creation of a panel to set interest rates.
•    In January 2016, he was reappointed as the Deputy Governor in Charge of monetary policy, the department he headed from 2013.
•    Earlier between 1990 and 1995, he had worked with the International Monetary Fund (IMF) covering US, India, Bahamas and Myanmar.
•    He carries a doctorate from Yale University.
•    He also carries M Phil from Oxford.

Unified Payments Interface (UPI) was introduced on 25 August 2016 by four banks, namely Axis Bank, Union Bank of India, Federal Bank and Bank of Maharashtra. 
•    The app will allow customers to make payments via digital means.
•    The app went live for these banks after National Payments Corporation of India (NPCI) issued letters to them asking them to make the apps available on Google Play Store. 
•    Apart from this, the UPI-enabled apps will be available for other 19-banks in next 2-3 working days.
•    Initially, the facility, which is available on Google Play Store, will be available for bank customers with Android smart phones. 
•    Versions for Apple’s iOS operating system will be launched in next six months.
•    UPI, a product of NPCI, will help move India towards a cashless economy. 
•    It will allow customer to have multiple virtual address for accounts in various banks.
•    UPI is a set of standard Application Programming Interface (APIs).
•    National Payments Corporation of India (NPCI) is the umbrella organisation for all retail payments system in India.