Single Block Multiple Debits (SBMD) features for UPI payment announced
The Governor of the Reserve Bank of India (RBI) in his ‘Statement on Developmental and Regulatory Policies’ of December 7, 2022, announced special features like ‘Single-Block-and-Multiple-Debits (SBMD)’ within the UPI framework. Under the SBMD framework, once the UPI customer has given consent to block the money in their bank account, the merchant can make multiple…
