More Coverage
Twitter Coverage
Satyaagrah
Written on
Satyaagrah
Written on
Satyaagrah
Written on
Satyaagrah
Written on
Satyaagrah
Written on
JOIN SATYAAGRAH SOCIAL MEDIA
"Digital fluency can accelerate progress": RBI Governor, Shaktikanta Das launched 3 key digital payment initiatives at the Global Fintech Fest 2022 - RuPay Credit Card on Unified Payments Interface, UPI Lite, and Bharat BillPay Cross-Border Bill Payments

The Reserve Bank of India (RBI) Governor, Shaktikanta Das, launched three key digital payment initiatives at the Global Fintech Fest 2022. The three digital payment initiatives that were launched by the RBI are RuPay Credit Card on Unified Payments Interface (UPI), UPI Lite, and Bharat BillPay Cross-Border Bill Payments.
|
UPI Lite will provide users with a convenient solution for faster and simpler low-value transactions, the National Payments Corp Of India (NPCI) said in a statement. Currently, India has been using the Unified Payments Interface (UPI) for low-value payments with 50 percent of transactions through UPI below ₹200.
Transactions in near-offline mode
Now that UPI Lite on BHIM App will be enabled, the users will be able to make small-value transactions in a near-offline mode. The launch of the UPI Lite will reduce the debit load on the core banking system, thereby improving the success rate of transactions further, enhancing the user experience, and taking us one step closer to processing a billion transactions a day on the UPI platform.
|
Total limit on UPI Lite
The upper limit of a UPI Lite payment transaction will be ₹200. The total limit of the UPI Lite digital payment mode on the wallet on a device would be ₹2,000 at any point in time. Customers of these eight banks would be able to use UPI Lite digital payment system. These are Canara Bank, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India (SBI), Union Bank of India, and Utkarsh Small Finance Bank.
RuPay Credit Card on UPI and Bharat BillPay Cross-Border Bill Payments was also launched which are likely to make bill payments easier for people residing out of India but also maintaining a house in India.
|
RBI wants fintech operators to follow the rules of game, says Guv Shaktikanta Das
Warning against mushrooming of lending apps and their usurious recovery prices, the Reserve Bank said it is not interested in penalizing operators or stifling innovation but wants them to follow the rules of the game, governor Shaktikanta Das said on Tuesday. Addressing the third edition of the global fintech summit here this evening, he said the intention of the central bank is not to penalize or stifle anyone but to ensure that everyone follows traffic rules.
The statement assumes importance in the wake of the recent incidences wherein a few people who borrowed through these apps have been forced to commit suicide and the last week's incidence of a young pregnant woman being mowed down by the recovery agents of Mahindra Finance which financed her father's tractor in Bihar.
Since the past two years, when the negative loan app incidents began to surface the central bank had made many changes in the rule book, including mandating the loan apps to upfront disclose on whose NBFC's or bank's behalf the money was being disbursed.
Why the RBI has not introduced the first loss default guarantee in the recently introduced guidelines for the lending apps, the governor said, our intention is not to penalize anybody or stifle anyone else activity. All that we are saying is that please follow the traffic rules, Das said.
"The Reserve Bank will continue to be supportive of it (digital lending) and will welcome it. We will, in fact, go two steps forward to discuss with you if you just take one step forward. But having said that, these innovations also must be responsible and should enhance the efficiency and resiliency of the financial system while benefiting the consumer.
"Robust internal product and service assurance framework together with fair and transparent governance will go a long way to safeguard the interest of customers and ensure the long-term sustainability of fintech entities themselves," Das said.
|
Support Us
Satyagraha was born from the heart of our land, with an undying aim to unveil the true essence of Bharat. It seeks to illuminate the hidden tales of our valiant freedom fighters and the rich chronicles that haven't yet sung their complete melody in the mainstream.
While platforms like NDTV and 'The Wire' effortlessly garner funds under the banner of safeguarding democracy, we at Satyagraha walk a different path. Our strength and resonance come from you. In this journey to weave a stronger Bharat, every little contribution amplifies our voice. Let's come together, contribute as you can, and champion the true spirit of our nation.
![]() | ![]() | ![]() |
ICICI Bank of Satyaagrah | Razorpay Bank of Satyaagrah | PayPal Bank of Satyaagrah - For International Payments |
If all above doesn't work, then try the LINK below:
Please share the article on other platforms
DISCLAIMER: The author is solely responsible for the views expressed in this article. The author carries the responsibility for citing and/or licensing of images utilized within the text. The website also frequently uses non-commercial images for representational purposes only in line with the article. We are not responsible for the authenticity of such images. If some images have a copyright issue, we request the person/entity to contact us at satyaagrahindia@gmail.com and we will take the necessary actions to resolve the issue.
Related Articles
- Rampur’s royal family finally repossess waqf properties ‘encroached’ by imprisoned Samajwadi Party MP Azam Khan after a thorough investigation by the Uttar Pradesh Shia Central Waqf Board
- Big Liberals, small hearts: By donating 80 vials of vaccine, America has proved to be the poorest country in the world
- "What is stolen is never truly owned": India sets out to recover stolen antiquities with a dedicated 'Heritage Squad', time to reclaim our treasured past, one artifact at a time, the power of our past fueling the pride of our present - a true celebration
- SIT demands attempt to murder charges against accused: Lakhimpur Kheri incident was 'pre-planned conspiracy', not an act of negligence
- France: Islamic terrorist on watch list stabs a woman police officer inside police station, injures two others in Nantes terror attack
- Indonesia: Sukmawati Sukarnoputri, daughter of Indonesia's first president becomes a Hindu leaving Islam
- Chinese propaganda campaign video is busted by Indian Army, shares pictures of Indian Jawans unfurling Tricolour at Galwan Valley
- Giant hypocrite: Activist confronts Twitter CEO over censorship, asks why he ‘hates Jews and Conservatives’
- World’s highest tunnel to be built by BRO to connect Himachal Pradesh and Zanskar valley in Union Territory of Ladakh; will ease movement of the Indian Army vehicles: Director-General of BRO, Lt Gen Rajeev Chaudhary
- Karnataka: After VHP’s protest, govt withdraws decision to pay Muslim clerics from Hindu temple funds
- NCPCR Asks Delhi Police To File FIR Against Twitter; Seeks Ban For Kids Until Deemed Safe
- Jagannath Temple administration issues clarification on proposed sale of temple lands
- Old clip where SRK said he’d be okay with his son doing drugs makes round after Aryan Khan detained in drugs party case
- “Life is pleasant, death is peaceful. It’s the transition that’s troublesome”: Congress chief Sonia Gandhi's mother Paola Maino passed away at her home in Italy, Prime Minister of India Shri Narendra Modi and President of India sent their condolences
- “A paranoid is someone who knows a little of what's going on”: Central Bureau of Narcotics destroys 12,900 bighas of illicit cannabis cultivation in Himachal Pradesh in one of the biggest such operations to crush drug menace, villagers assisted the teams