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
World
Russia ends visa regime for Georgia, lifts flight ban
Moscow (TIP) : Russian President Vladimir Putin on May 10 abolished visas for Georgian nationals and lifted a 2019 ban on direct flights to the South Caucasus nation, a move that comes amid rocky relations […]
United States
AAPI Launches Veterans Obesity Awareness Campaign in New York
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Business & Economics
Return property papers within 30 days of loan repayment: RBI to banks
New Delhi (TIP)- The Reserve Bank of India (RBI) on Wednesday, September 13, said regulated entities have to release original property documents to retail loan borrowers within 30 days of full repayment, and any delay […]
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