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.
Prime Minister Shri Narendra Modi launched digital payment solution e-RUPI, a person and purpose specific digital payment solution, today via video conference. e-RUPI is a cashless and contactless instrument for digital payment.
To address the ‘risk concentration’ of only one platform and offer consumers more options, the RBI in 2020 invited private companies to bid for a license to set up a new platform.
• NUE (New Umbrella Entity), a digital platform which will be for-profit and be allowed to charge fees for online transactions, unlike the existing system
• The new entity or entities will be able to earn interest from the float that customers maintain in their online shopping accounts
RBI launches new prepaid payment instrument for digital transactions up to Rs 10,000. The amount loaded in such PPIs during any month will not exceed Rs 10,000 and the total amount loaded during the financial year will not exceed Rs 1,20,000.
With effect from December 16, 2019 RBI has asked banks to Extend NEFT facility 365/24*7 .