UPI contribution to digital payments spike over double in 5 years: RBI
Unified Payments Interface (UPI)'s contribution cumulatively to the digital payments ecosystem more than doubled in five years, data from the Reserve Bank of India (RBI) said.
Unified Payments Interface (UPI)'s contribution cumulatively to the digital payments ecosystem more than doubled in five years, data from the Reserve Bank of India (RBI) said.
The Reserve Bank of India (RBI) on Monday directed all banks to put in place a facility to enable a remitter to verify the beneficiary bank account name before initiating a transaction using the RTGS or NEFT system.
Direct access for non-banks to CPS lowers the overall risk in the payments ecosystem.
The NEFT system will continue to be operational as usual during this period,” a statement from RBI said.
With this, India will become part of a small group of countries in the world where RTGS system functions round the clock throughout the year.
Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month.
To encourage digital transactions and move towards a less-cash economy, the government inserted a new provision, Section 269SU
The move will allow bank’s customers to make payments towards the bank's credit card dues and loan obligations from other bank accounts.
In a tweet, the bank also said that Yes Bank customers can pay their credit card dues and loan obligations from other bank accounts.
With the new year knocking at our doors, SBI is going to make a few important changes and introduce some new policies aimed to benefit the people.
