Reserve Bank of India launches (a) UPI for Feature Phones (UPI123pay) and (b) 24×7 Helpline for Digital Payments (DigiSaathi)

RBI launches UPI for 400 mn feature phone users to widen digital payment reach. (1) UPI123Pay – Option to make Unified Payments Interface (UPI) payments for feature phone users, and (2) DigiSaathi – a 24×7 Helpline to address the queries of digital payment users across products.

THE CHANGING VISION OF THE INDIAN BANKING INDUSTRY

While discussing the changing vision of the Indian Banking industry, Mr M.V.Tanksale expressed with pride that the banking industry has withstood various crises and transformed itself to meet the challenges and contribute to the economic growth of the country.

Availability of National Electronic Funds Transfer (NEFT) System on 24×7 basis

With effect from December 16, 2019 RBI has asked banks to Extend NEFT facility 365/24*7 .