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
Indian American
Indian American Jeremy Cooney becomes the second to enter New York State Senate
NEW YORK (TIP): Indian American Jeremy Cooney has been elected to the New York State Senate from the state’s open 56thdistrict. Cooney, a Democrat, had a lead of fewer than 900 votes over his Republican […]
United States
Facebook’s Mark Zuckerberg donates $25 million to fight Ebola
WASHINGTON (TIP): Facebook co-founder Mark Zuckerberg said on Tuesday he and his wife were donating $25 million to help US efforts to contain the deadly Ebola epidemic. “The Ebola epidemic is at a critical turning […]
Indian Americans
Indian origin Ramesh Balwani sentenced to 13 years in prison for fraud
SAN JOSE (TIP): Theranos’ former chief operating officer, Indian-origin Ramesh ‘Sunny’ Balwani, has been sentenced to nearly 13 years in prison for fraud that prosecutors said risked patient health and defrauded the blood-testing company’s investors […]
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