The Reserve Bank of India (RBI) is proposing expanding the reach of the popular Unified Payments Interface (UPI) digital payments system by allowing credit to be offered via pre-approved bank lines. “This initiative will further encourage innovation,” RBI governor Shaktikanta Das said on Thursday during the announcement of the central bank’s monetary policy decision. UPI is an instant real-time payments system that allows users to transfer money across multiple banks without disclosing bank account details. Its popularity is seen to have reduced the usage of cash and debit cards for daily transactions. In March 2023, UPI recorded 8.65 billion transactions, amounting to 14.05 trillion rupees, its highest-ever since inception, data from the National Payments Corporation of India showed. In a bid to boost digital payments, the RBI recently allowed RuPay credit cards to be linked to UPI. This was to enable customers to link their credit cards and pay via UPI
India
Gen Anil Chauhan assumes charge as new CDS
New Delhi (TIP)- Gen Anil Chauhan on Friday, September 30, became India’s new Chief of Defense Staff. “I will try to fulfill the expectations from the three defence forces,” said Chauhan as he assumed charge, […]
Bollywood
Akshay to star in Mission Mangal director Jagan Shakti’s next project
Akshay Kumar is set to team up again with his Mission Mangal director Jagan Shakti for an action-drama inspired by true events. Kumar and Shakti first worked together on the 2019 drama Mission Mangal, inspired […]
Women
Connoisseur’s Choice
By Tript Arora Pav Bhaji : Pav Bhaji is a Mumbai Street Food popular all over India. It is sold in every nook and corner with the name ‘Bombay Pav Bhaji’ written on the stalls. […]
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