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
Breaking News
Ambassador Binaya Srikanta Pradhan takes over as India’s Consul General at New York
NEW YORK CITY (TIP): Ambassador Binaya Srikanta Pradhan, a career diplomat of the 2002 batch of the Indian Foreign Service, took over as Consul General of India at New York on January 15. He has […]
Hinduism
Shankaranarayana: The combined form of Shiva and Vishnu
Lord Shankaranarayana is a combined deity form of Shiva (Shankara) on the right with Nandi, and Vishnu (Narayana) on the left with Garuda. Shankaranarayana is also called Harihara – Hari (Vishnu) and Hara (Shiva). Lord […]
Indian Americans
Indian American Physician Nahid Bhadelia joins White House Covid-19 response team
WASHINGTON, D.C. (TIP): Nahid Bhadelia, an Indian American infectious diseases physician has joined the White House Covid-19 response team as senior policy advisor for global Covid response. A Boston University School of Medicine associate professor […]
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