Want to shop for Rs 10,000? RBI proposes new prepaid card for digital transactions
5 years, 1 month ago

Want to shop for Rs 10,000? RBI proposes new prepaid card for digital transactions

India TV News  

The Reserve Bank on Thursday proposed to introduce a prepaid payment instrument that could be used only for transactions of goods and services worth up to Rs 10,000. PPIs have been playing an important role in promoting digital payments and bringing in the new PPI will further facilitate its usage, as per an RBI statement issued post announcement of the monetary review on Thursday. The banking regulator also announced to allow the International Financial Service Centre Banking Units to open foreign currency current accounts of their corporate borrowers in order to facilitate ease of operations. The Reserve Bank also put forth the reviewed foreign exchange hedging facilities allowing users to undertake over the counter currency derivative transactions up to USD 10 million, without the need to evidence underlying exposure. The final directions in this regard will be issued after notification of the changes to Foreign Exchange Management Act Regulations, RBI said in the ''Statement on Developmental and Regulatory Policies''.

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History of this topic

India’s Growth Story is Linked to Progress Made on Digitisation and Its Access
1 year ago

India’s Growth Story is Linked to Progress Made on Digitisation and Its Access

The Quint  

The committee on Deepening Digital Payments constituted by the RBI in 2019 under the chairmanship of Nandan Nilekani had recommended that market forces should drive transaction prices for the inclusion of small startups and incentivising innovation. It underlined that while banks have a role in contributing to the payment system, the government and the RBI should also share the cost …

PPI Wallet transactions of over ₹2,000 on UPI to attract 1.1% charge from April 1, 2023
1 year, 9 months ago

PPI Wallet transactions of over ₹2,000 on UPI to attract 1.1% charge from April 1, 2023

The Hindu  

Starting April 1, merchant transactions exceeding ₹2,000 in value done using Prepaid Payment Instruments on UPI will attract an interchange charge of 1.1%. However, “the new interchange charges are only applicable for the PPI merchant transactions and there is no charge to customers,” the National Payments Corporation of India, which governs UPI,, said in a statement on Wednesday. Rajsri Rengan, …

RBI allows UPI-based transactions for inbound travellers to India
1 year, 10 months ago

RBI allows UPI-based transactions for inbound travellers to India

The Hindu  

A facility to enable all in-bound travellers visiting India to make local payments using Unified Payments Interface while they are in India has been made available from Tuesday, the Reserve Bank of India said. “Eligible travellers would be issued Prepaid Payment Instruments wallets linked to UPI for making payments at merchant outlets. To begin with, ICICI Bank, IDFC First Bank …

Big boost to Digital India! Govt approves Rs 2,600cr incentive scheme for RuPay, BHIM-UPI transactions
1 year, 11 months ago

Big boost to Digital India! Govt approves Rs 2,600cr incentive scheme for RuPay, BHIM-UPI transactions

India TV News  

In a big boost to Digital India initiative, the Centre has approved has approved an incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions for a period of one year from April 2022. The approved incentive scheme will focus on promoting Point-of-Sale and e-commerce transactions using RuPay Debit Cards and low-value BHIM-UPI transactions for the current financial …

RBI allows credit cards to be linked to UPI; Rupay credit cards first in line
2 years, 7 months ago

RBI allows credit cards to be linked to UPI; Rupay credit cards first in line

The Hindu  

The Reserve Bank on Wednesday allowed credit cards to be linked with the unified payments interface, which will enable more people to make payments using the popular platform. "…it is proposed to allow linking of credit cards to UPI," RBI Governor Shaktikanta Das said while announcing the regulatory moves, along with the bi-monthly policy review. He said that Rupay credit …

UPI-Credit Card Linking to be a Reality Soon: RBI to Start with RuPay Credit Card
2 years, 7 months ago

UPI-Credit Card Linking to be a Reality Soon: RBI to Start with RuPay Credit Card

News 18  

RBI MPC Decisions: The Reserve Bank of India on Wednesday, June 8, said that it was proposing to allow linking of credit cards on UPI platforms. The new system will be introduced first by linking RuPay credit cards to UPI, or Unified Payment Interface, and then onboard other cards on the platform, RBI governor Shaktikanta Das said on the day. …

RBI allows credit cards to be linked with UPI platform
2 years, 7 months ago

RBI allows credit cards to be linked with UPI platform

India TV News  

Highlights RBI today allowed credit cards to be linked with the unified payments interface It will enable more people to make payments using the popular platform At present, UPI facilitates transactions by linking savings or current accounts through debit cards RBI news updates : The Reserve Bank of India on Wednesday allowed credit cards to be linked with the unified …

RBI to soon float paper on reasonableness of charges on transactions via digital payments
3 years, 1 month ago

RBI to soon float paper on reasonableness of charges on transactions via digital payments

India TV News  

With a view to make digital transactions more affordable, the Reserve Bank of India will soon come out with a discussion paper on the reasonableness of charges on transactions through digital mode. Observing that concerted efforts by all stakeholders have led to a significant increase in digital payments in recent years, RBI Governor Shaktikanta Das said there have, however, been …

Prepaid Payment Instruments – The Future Of Online Payments
3 years, 2 months ago

Prepaid Payment Instruments – The Future Of Online Payments

Live Law  

Numerous technological innovations, revolutionary progress in Fintech and the ever-growing use of Prepaid Payment Instruments has led to regular amendments in the Master Directions on issuance and Operation of Prepaid Payment Instruments. To sum up, the major change from the Previous Master Directions is that non-bank PPIs were not allowed to issue Full KYC PPIs, however under the New Master …

RBI to soon open accounts for retail investors, to facilitate investment in govt securities
3 years, 5 months ago

RBI to soon open accounts for retail investors, to facilitate investment in govt securities

India TV News  

The Reserve Bank on Monday issued a scheme 'RBI Retail Direct', a one-stop solution to facilitate investment in government securities by individual investors. As part of continuing efforts to increase retail participation in government securities, 'the RBI Retail Direct' facility was announced in February 2021 for improving ease of access by retail investors through online access to the government securities …

RBI Introduces New Prepaid Payment Instrument
5 years ago

RBI Introduces New Prepaid Payment Instrument

ABP News  

Mumbai: The Reserve Bank has introduced a new type of prepaid payment instrument which could be used only for purchase of goods and services up to a limit of Rs 10,000 per month. "To give impetus to small value digital payments and for enhanced user experience, it has been decided to introduce a new type of semi-closed PPI.," RBI said …

RBI introduces new prepaid payment card for digital transaction up to Rs 10,000
5 years ago

RBI introduces new prepaid payment card for digital transaction up to Rs 10,000

India TV News  

The Reserve Bank has introduced a new type of prepaid payment instrument which could be used only for the purchase of goods and services up to a limit of Rs 10,000 per month. "To give impetus to small value digital payments and for enhanced user experience, it has been decided to introduce a new type of semi-closed PPI.," RBI said …

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