The Reserve Bank of India (RBI) Governor Shaktikanta Das, led by the six-member Monetary Policy Committee (MPC), announced a policy resolution on Wednesday.
Zee Business reporter Anurag Shah reported on some of the big announcements from RBI. This proves to be a payment game changer.
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The announcement is as follows:
Device UPI wallet
-UPI wallet for small payments
-Allows offline transactions without internet
-Put money in your wallet without paying a small amount via your smartphone or internet UPI
-Customers never complain about transaction failures
-Reduces the burden of bank investigations and reduces resource costs
-On-device UPI wallet on the line of prepaid equipment
-50% payments in UPI transactions are less than Rs. 200
-No change in customer trading experience
-UPI wallet has a fixed amount limit for small payments
Phone function UPI:
-It will be a benefit for the 4.4 billion rupee subscribers in the country
-UPI payment via internetless phone
-Retail payments will be introduced through regulated sandboxes
-Feature phone customers will be eligible for BNPL after participating in UPI
-Consider making digital payments affordable for everyone
-Discussion papers on debit card, credit card and PPI related charges will be issued
-MDR charges linked to merchants will be considered
-Service provider pays MDR merchants
-Feedback will be given on the sum of the charges charged for payment and the search fee
Investment limit from UPI increased from 20,000 rupees to 50,000 rupees
-Investment limit from UPI to retail direct scheme increased from 20,000 rupees to 50,000 rupees
-Buy G-Sec with an investment of up to Rs 50,000 through UPI
-Investment limit UPI for IPO investment is up to 50,000 rupees
-SEBI is considering a new special category for investing 2 to 10 rupees in HNI.
This is the ninth time in a row that RBI Governor Shaktikanta Das has maintained the status quo. The RBI last revised the policy rate in October 2021.
It should be noted that while publishing the bi-monthly monetary policy review, Das decided to keep the status quo, that is, keep the benchmark repo rate at 4%. As a result, reverse repo rates will also continue to earn 3.35 percent of deposits held in RBI by banks.
These payment-related announcements from RBI will be game changers.Please see here for the detail
https://www.zeebiz.com/india/news-these-payment-related-announcements-from-rbi-will-be-gamechangers-see-details-here-172968 These payment-related announcements from RBI will be game changers.Please see here for the detail