RBI on Thursday (August 8, 2024) in its Statement on Developmental and Regulatory Policies announced two major changes in the UPI payment system. It is proposed to introduce a facility for “Delegated Payments” in UPI. This would enable an individual (primary user) to allow another individual (secondary user) to make UPI transactions up to a…
RBI in its Statement on Developmental and Regulatory Policies on Thursday (August 8, 2024) announced the implementation of Continuous Clearing of Cheques under the Cheque Truncation System (CTS). The Cheque Truncation System (CTS) currently processes cheques with a clearing cycle of up to two working days. To improve the efficiency of cheque clearing and reduce…
Yes. UPI can be done without the internet. Think there can be situations where we desperately need to make a payment, but the internet connection doesn’t work. You need not worry, you can make UPI payments without the internet by dialing *99#. This service can be availed on any type of phone. It works across…
Bank customers can now withdraw cash from ATMs without using physical cards. Even if you do not hold debit cards from your bank, still you can easily use this facility to withdraw money. Multiple banks in India have introduced interoperable cardless cash withdrawal (ICCW) enabled ATMs. The cash withdrawal transaction will be facilitated through a…
The Reserve Bank of India on Tuesday came out with draft guidelines to further strengthen regulations on payment aggregators, a move aimed at boosting the payment ecosystem. The payments ecosystem in India includes online Payment Aggregators (PA-Os) and Physical Payment Aggregators (PA-P) that cover Point of Sales business, which facilitate face-to-face/proximity payment transactions. For ease…
The Payment and Settlement System (PSS) Act, 2007 provides for the regulation and supervision of payment systems in India and designates the Reserve Bank of India (Reserve Bank) as the authority for that purpose and all related matters. The rapid developments in Payment Systems and technology have led to the implementation of major reforms of…
In Supersession of earlier BBPS-related guidelines/circulars, RBI on Friday (March 1, 2024) issued the new Directions hereinafter specified. These Directions shall be applicable from April 01, 2024. The provisions of the new Directions shall apply to NPCI Bharat Bill Pay Limited (NBBL) a wholly owned subsidiary of the National Payments Corporation of India); and All…
RBI on Friday has increased the without Additional Factor of Authentication (AFA)limit from existing ₹15,000/- to ₹1, 00,000/-per transaction for the following categories: (a) subscription to mutual funds, (b) payment of insurance premiums, and (c) credit card bill payments. e- Mandate is a standard instruction that you provide to your issuing bank and other institutions,…
RBI on Monday issued operating guidelines for credit lines through UPI. Currently, savings accounts, overdraft accounts, prepaid wallets, and credit cards can be linked to UPI. As per the latest announcement of the central bank, the scope of UPI is now being expanded by the inclusion of credit lines as a funding account. In other…
Unified Payments Interface (UPI) is a robust payments platform supporting an array of features. Presently it handles 75% of the retail digital payments volume in India. According to the RBI statement, UPI is the single largest retail payment system in the country in terms of volume of transactions. In terms of volume, the number of…