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 Americans
Indian Origin Investment Adviser Charged by US Federal authorities with Million Dollar Fraud
NEW YORK (TIP): An Indian origin investment adviser has been charged by US federal authorities for orchestrating a fraudulent million dollar investment scheme over several years. Amrit JS Chahal, 30, of Fairfax, Virginia has been charged […]
United States
US decision to delay startup visas to impact Indian entrepreneurs
NEW DELHI (TIP): After the Donald Trump administration’s intended tightening of the work visa rules that has come as a blow to the Indian IT companies, the US government’s latest announcement to delay the so-called […]
United States
FDA advisory panel endorses Moderna’s Covid-19 vaccine, clearing way for authorization
WASHINGTON (TIP): An advisory panel on Thursday, December 17, recommended that the Food and Drug Administration issue an emergency use authorization for a Covid-19 vaccine developed by Moderna, all but guaranteeing the agency will do […]
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