Beyond OTP: RBI looking for other authentication methods
10 months, 1 week ago

Beyond OTP: RBI looking for other authentication methods

New Indian Express  

Also, the central bank’s strict measures for authentication make it easier for customers who are afraid of being defrauded during an internet use to conduct their businesses without fear. This has played an important role in financial inclusion by enabling customers to make digital payment transactions through service providers such as business correspondents. Mandatory due diligence for AePS service providers and stricter fraud monitoring will be like adding layers of security to your online wallet,” said Rahul Jain, CFO, NTT DATA Payment Services India. With offline functionality, convenient payments are ensured, enabling seamless transactions even without internet access,” said Jain. Also, CBDC systems, powered by blockchain technology, offer cost-effective alternatives to managing and distributing physical cash, with transaction costs among the lowest globally and the ability to facilitate real-time transactions round the clock.

India Payment Rbi Transactions Cbdc  enabling  looking  internet  transactions  functionality  digital  cbdc  authentication  otp  technologies  payment  methods  rbi  aeps  central

History of this topic

RBI’s digital rupee must leap over many hurdles for wider adoption
6 months, 1 week ago

RBI’s digital rupee must leap over many hurdles for wider adoption

Live Mint  

The Reserve Bank of India has been striving to boost the adoption of its Retail-Central Bank Digital Currency or e-rupee. RBI is also aiming to onboard more non-bank payment service operators and make the e-rupee inter-operable with India’s Unified Payments Interface. Despite having clearly defined use-cases for their country-specific CBDCs, these pilot projects suffered from weak internet connectivity and poor …

RBI To Make Digital Currency Available Offline
7 months, 2 weeks ago

RBI To Make Digital Currency Available Offline

Deccan Chronicle  

Mumbai: The Reserve Bank of India Governor Shaktikanta Das on Monday said the central bank is considering testing Central Bank Digital Currency in commercial papers and certificates of deposits on a pilot basis. Das said that the central bank has been working on making CBDC transferable offline, introducing programmability features and promoting financial inclusion. “We are working on making CBDC …

RBI issues draft guidelines on payment aggregators | Check details
8 months ago

RBI issues draft guidelines on payment aggregators | Check details

India TV News  

Aiming to boost the payment ecosystem, The Reserve Bank of India on Tuesday issued draft guidelines to further strengthen regulations on payment aggregators. "Given the growth in digital transactions and the significant role that PAs play in this space, the current directions on PAs are proposed to be updated and cover, inter alia, KYC and due diligence of merchants, operations …

E-rupee boost: RBI to enhance role of digital currency, allow non-bank operators to offer CBDC wallets
8 months, 2 weeks ago

E-rupee boost: RBI to enhance role of digital currency, allow non-bank operators to offer CBDC wallets

Hindustan Times  

In his statement released today, the Reserve Bank of India Governor, Shaktikanta Das, has indicated the central bank’s interest in enhancing the scope of digital currency in India. The RBI Governor said the central bank was looking to promote CBDC and that too by enhacing its scope through Non-bank Payment System Operators and thereby boost retail use. It is proposed …

Central Bank Digital Currencies Are Redefining Digital Money
10 months, 1 week ago

Central Bank Digital Currencies Are Redefining Digital Money

The Quint  

The Reserve Bank of India, in a forward-looking move, decided to extend the pilot program for the digital rupee. This extension reflects the central bank’s commitment to exploring and harnessing the potential of central bank digital currencies. Private players who dominate the digital payments market have simplified life for the world population with innovations like e-money, online transactions, mobile banking, …

RBI to introduce offline eRupee transactions soon: Shaktikanta Das
10 months, 2 weeks ago

RBI to introduce offline eRupee transactions soon: Shaktikanta Das

The Hindu  

Digital Rupee users will soon be able to execute transactions in areas with limited internet connectivity as the Reserve Bank of India on February 8 announced that offline capability will be introduced on the Central bank digital currency pilot project. RBI Governor Shaktikanta Das said that programmability-based additional use cases will be introduced as part of the pilot project. "It …

RBI Monetary Policy: New changes announced to electronic trading platforms, digital payments
10 months, 2 weeks ago

RBI Monetary Policy: New changes announced to electronic trading platforms, digital payments

New Indian Express  

The Reserve Bank of India today released a major policy statement outlining several developmental and regulatory initiatives covering financial markets, regulations pertaining to lending institutions, and payment systems including digital currency and fintech. On the financial markets front, RBI announced that it will comprehensively review the existing regulatory guidelines for Electronic Trading Platforms that enable transactions in financial instruments regulated …

Innovative partnership aims to extend offline CBDC Payments in India via feature phones
1 year, 3 months ago

Innovative partnership aims to extend offline CBDC Payments in India via feature phones

India TV News  

IDEMIA, a global leader in identity technology and biometric solutions, has joined forces with Airtel Payments Bank, a subsidiary of Bharti Airtel, and HMD Global, known for Nokia Phones, in order to reach the offline Central Bank Digital Currency payments in the country. Offline CBDC Payments This strategic partnership aims to introduce an advanced offline payment system enabling the use …

Digital Rupee CBDC RBI Governor Shaktikanta Das Can Prove To Be Game Changer For Cross-Border Payments:
1 year, 3 months ago

Digital Rupee CBDC RBI Governor Shaktikanta Das Can Prove To Be Game Changer For Cross-Border Payments:

ABP News  

In a recent keynote address at the G20 TechSprint Finale, Reserve Bank of India Governor Shaktikanta Das drew attention to the challenges surrounding cross-border payments, emphasising the issues of high costs and slow transaction speeds. Das indicated that the central bank digital currency — dubbed Digital Rupee — instant-settlement feature could offer a viable solution to these challenges. Despite advancements …

Digital currency to further bolster digital economy, make payment system more efficient: RBI
1 year, 10 months ago

Digital currency to further bolster digital economy, make payment system more efficient: RBI

India TV News  

RBI Executive Director Ajay Kumar Choudhary on Wednesday the digital currency will further bolster the digital economy, make the payment system more efficient and reduce the cost involved in physical cash management. Central Bank Digital Currency The RBI has already launched pilots of CBDC in wholesale and retail segments last year. He said the key motivation for exploring the issuance …

How the RBI's digital currency can help economy
2 years ago

How the RBI's digital currency can help economy

Live Mint  

Readers of a certain age group might remember Ramon Bonus Stamps. What's driving FIIs’ bullish bets on Nifty IIT-K student hits record ₹4 cr placement jackpot Story takes a turn for PVR, Inox Leisure after a flop Q2 How young Indian couples budget for their weddings Imagine different currencies competing for dominance in usage without any sovereign backing. That is …

Time is right for a digital rupee
2 years ago

Time is right for a digital rupee

Hindustan Times  

Starting this month, the Reserve Bank of India will begin a pilot project that will put a digital rupee, or e ₹, in the hands of individuals. In simple terms, a CBDC is the closest virtual equivalent of cash with the liability for its value resting directly with the central bank, instead of — as is the case at present …

RBI to launch retail digital rupee pilot on 1 December
2 years ago

RBI to launch retail digital rupee pilot on 1 December

Live Mint  

Mumbai: The Reserve Bank of India on Tuesday announced the launch of a pilot for retail digital rupee on 1 December with four banks in four cities, a month after testing the wholesale central bank digital currency. The pilot, RBI said in a press release, would cover select locations in a closed user group, comprising participating customers and merchants. While …

RBI Digital Rupee pilot for wholesale segment from November 1
2 years, 1 month ago

RBI Digital Rupee pilot for wholesale segment from November 1

The Hindu  

The first pilot in the Digital Rupee, Wholesale segment will commence on November 1, 2022, the Reserve Bank of India said in a circular. Settlement in central bank money would reduce transaction costs by pre- empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk,” the circular said. The first pilot in Digital Rupee — Retail …

Explained: How RBI is using technology to operationalise e-rupee? 10 points
2 years, 2 months ago

Explained: How RBI is using technology to operationalise e-rupee? 10 points

Hindustan Times  

The Reserve bank of India on Friday came up with a concept note detailing plan of introducing its own digital currency - the Central Bank Digital Currency. RBI is planning to start the e-rupee project on a pilot basis The RBI in its 51-page concept note detailed various aspects including the technological measures to operationalise its electronic currency, its underlying …

RBI to soon launch e-rupee on pilot basis for limited use
2 years, 2 months ago

RBI to soon launch e-rupee on pilot basis for limited use

India TV News  

Digital money : The Reserve Bank on Friday said it will soon commence the pilot launch of the e-rupee for specific use cases as it tests digital currency in India. "As the extent and scope of such pilot launches expand, RBI will continue to communicate about the specific features and benefits of e-rupee, from time to time," the central bank …

RBI Actively Working Towards Phased Implementation Of CBDC: Shaktikanta Das
2 years, 3 months ago

RBI Actively Working Towards Phased Implementation Of CBDC: Shaktikanta Das

ABP News  

The Reserve Bank of India Governor Shaktikanta Das on Tuesday said that the central bank is committed to supporting innovation for fintech companies while keeping in mind consumer protection. Further, the RBI is now actively working towards a phased implementation of Central Bank Digital Currency in both wholesale and retail segments. The number of UPI QR code enabled payment acceptance …

Digital Rupee: Why India Is Keen On Introducing A CBDC
2 years, 4 months ago

Digital Rupee: Why India Is Keen On Introducing A CBDC

ABP News  

Earlier this year, India announced plans to have its own central bank digital currency. The RBI has defined CBDC as a “legal tender issued by a central bank in a digital form. It will seem like any other digital payment service to users but since the CBDC will be a direct liability of the central bank, it would be more …

UPI Payment Without Internet, Smartphone: RBI to Launch UPI for Feature Phones Today
2 years, 9 months ago

UPI Payment Without Internet, Smartphone: RBI to Launch UPI for Feature Phones Today

News 18  

You don’t need a smartphone or internet connection to do Unified Payments Interface payments anymore. To enable thousands of feature phone users with the digital payment ecosystem in the country, the Reserve Bank of India is all set to launch UPI123Pay on Tuesday. Why UPI Payment for Feature Phones RBI governor Shaktikanta Das announced to launch a UPI-based payment system …

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