The Monetary Policy Committee (MPC) chaired by Reserve Bank of India’s (RBI) governor, Shaktikanta Das, on Friday decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50%. The governor further announced certain additional measures including setting up a Digital Payments Intelligence Platform, Introduction of Auto-Replenishment of UPI Lite Wallet, among others.
Here is all you need to know:
Setting up a Digital Payments Intelligence Platform
RBI has proposed to set up a Digital Payments Intelligence Platform which will harness advanced technologies to mitigate payment fraud risks. To take this initiative forward, the Reserve Bank has constituted a committee (Chairman: A.P. Hota, former MD & CEO, NPCI).
Inclusion of recurring payments for Fastag, NCMC, etc. with auto-replenishment facility
RBI has proposed to include payments, such as replenishment of balances in Fastag, National Common Mobility Card (NCMC), etc. which are recurring in nature but without any fixed periodicity, into the e-mandate framework. Under the e-mandate framework, it is proposed to introduce an automatic replenishment facility for such payments. The automatic replenishment will be triggered when the balance in Fastag or NCMC falls below a threshold amount set by the customer.
Introducing auto-replenishment of UPI Lite wallet – Inclusion under the e-mandate framework
The UPI Lite facility currently allows a customer to load his UPI Lite wallet upto ₹2000/- and make payments upto ₹500/- from the wallet. It has been proposed to bring UPI Lite within the ambit of the e-mandate framework by introducing an auto-replenishment facility for loading the UPI Lite wallet by the customer, if the balance goes below a threshold amount set by him/her.
RBI Hackathon HARBINGER 2024 – Innovation for Transformation
The third edition of RBI’s global hackathon, “HaRBInger 2024 – Innovation for Transformation” will be launched with two themes viz., ‘Zero Financial Frauds’ and ‘Being Divyang Friendly’. Solutions aimed at enhancing safety and security of digital transactions with focus on detecting, preventing and combating financial frauds, as also prioritising inclusivity for persons with physical disabilities, will be invited as part of HARBINGER 2024.