RBI Monetary Policy Committee Announcements: RBI Governor Shaktikanta Das on Wednesday, November 8 announced the launch of a digital payment system for feature phones. This means the central bank will allow Unified Payments Interface-based (UPI) products to be made available on feature phones, and will make possible an internet-free UPI payment system in the coming days. The RBI Governor made an important announcement during his address regarding his decisions taken during the recently concluded bi-monthly Monetary Policy Committee (MPC) meeting.
Shaktikanta Das proposed three measures to make UPI payments easier for consumers across the country.
“UPI is the largest retail payment system in the country in terms of transaction volume, reflecting its wide acceptance – especially for small value payments. To further deepen and make digital payments more inclusive, make transactions easier for consumers, facilitate greater participation of retail customers in various segments of the financial markets, and enhance the capacity of service providers, UPI-based payment products have been introduced. launch is proposed. Feature phone users are taking advantage of the Reserve Bank’s regulatory sandbox on retail payments.”
The RBI governor also proposed to ease the process for small value transactions. “…Flow the process for small value transactions
Simple through a mechanism of ‘on-device’ wallet in UPI applications,” he said.
Das, in his statement to the MPC, mentioned that the RBI has increased the transaction limit for payments through UPI from Rs 2 lakh to Rs 5 lakh for retail direct scheme for investment in government securities and initial public offering (IPO) applications. has also been proposed. Announcement.
“The Reserve Bank has been striving to facilitate greater participation of retail customers in financial markets, for example through the recent launch of the Retail Direct scheme investing in the Government-Sec segment, where, among other options like UPI, Internet Banking, Can be used to make payments for participating in both primary and secondary markets. Over time, UPI has become a popular payment option since the initial public offering (IPO) became available from January 1, 20194 It has been reported that IPO Applications of Rs 2 to 5 lakhs are about 10 per cent of the membership applications. The transaction limit in UPI was increased from Rs 1 lakh to Rs 2 lakh in March 2020. To further encourage the use of UPI by retail investors, it is proposed to increase the transaction limit for payments through UPI for Retail Direct Scheme and IPO applications. From Rs 2 lakh to Rs 5 lakh. Separate instructions will be issued to NPCI soon,” read RBI’s statement on development and regulatory policy.
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