Currently, UPI payments through PPI can be made only using the website or mobile app provided by the PPI card issuer.
PPI Card Holders: The Reserve Bank of India is preparing to provide a new facility to PPI (Prepaid Payment Instruments) card holders. Reserve Bank Governor Shaktikanta Das said that there is a proposal to provide the facility to make UPI payments through third party UPI apps like bank account holders. Currently, UPI payments through PPI can be made only using the website or mobile app provided by the PPI card issuer.
What will be the benefit
Shaktikanta Das said that this will help PPI card holders to make UPI payments like bank account holders. This will make things easier for customers and promote digital channels for small amount transactions.
This decision on cash deposit
The Reserve Bank will soon provide the facility of depositing money in cash deposit machines through UPI (Unified Payment Interface). At present debit cards are mainly used to deposit money in cash deposit machines.
Let us inform you that Reserve Bank Governor Shaktikanta Das on Friday presented the first bi-monthly monetary review for the current financial year 2024-25. Let us know its main points.
Repo rate remains at 6.5 percent.
- Estimate of GDP growth rate for 2024-25 remains at seven percent. This is lower than the estimate of 7.6 percent for 2023-24.
- Retail inflation is expected to average at 4.5 percent in the current financial year. This is lower than the estimate of 5.4 percent for 2023-24.
- Consumption is expected to support economic growth in 2024-25 due to increasing rural demand.
- Sovereign Green Bond trading allowed in International Financial Services Center (IFSC)
- A mobile app will be introduced to facilitate retail participation in government securities.
- Non-bank payment system operators allowed to offer CBDC (Central Bank Digital Currency) wallets
- Net inflow of foreign portfolio investors (FPIs) stood at US$ 41.6 billion during 2023-24. This is the second highest FPI inflow after 2014-15.
- India is at the forefront in receiving remittance or money remittance in the world. The current account deficit in 2024-25 will remain at a level that is feasible and eminently manageable.
- The Indian rupee remained in a range against the currencies of other emerging economies in 2023-24.
- Rupee remained the most stable among major currencies in the financial year 2023-24.
