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
Veteran actor Dharmendra turns 87 on Thursday, December 8
Celebratesbirthday with fans, Hema Malini wishes ‘love of her life’, sons Sunny and Bobby Deol share pictures from family celebrations CHANDIGARH / NEW YORK (TIP): As Dharmendra turns 87 on December 8, social media is […]
Asia
Taliban attack on Afghan city foiled; 28 militants dead
Kabul (TIP): Afghan security forces have foiled a Taliban attack on the city of Taluqan city, the capital of Takhar province, and killed 28 militants, an official said on July 27j27. The Taliban militants, according […]
Indian Americans
Indian American tech businessman Ramit Varma exits Los Angeles mayoral race
LOS ANGELES (TIP): Indian American Tech businessman Ramit Varma, who spent $4 million of his own money to run for Los Angeles mayor, has quit the race and endorsed billionaire real estate developer Rick Caruso. […]
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