Business & Investment

These payment-related announcements from RBI will be game changers.Please see here for the detail

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

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