Kerala High Court: E-Toilets to be Build for Flood Affected Tribal Families  ||  Amalgamation of Air Asia With Air India Express Approved by NCLT  ||  SC: Accused Refusing to Undergo Medical Examination Amounts to Non-Cooperation With Investigation  ||  Ker. HC: Power Under Section 216 of CrPC Can be Exercised by the Court at Any Time Before Judgement  ||  IIAC (Conduct of Micro and Small Enterprises Arbitration) Regulations, 2024 Issued by IIAC  ||  Mad. HC: State Bound to Take Care of Adults With Mental Health Illness and No Family Support  ||  Mad. HC: State Bound to Take Care of Adults With Mental Health Illness and No Family Support  ||  Ker HC: Min. of Animal Husbandry to Consider Objections to Ban on ‘Dangerous & Ferocious’ Dog Breeds  ||  Madras High Court: Important to Send Out Message That Courts Shouldn’t be Taken for Granted  ||  Insolvency Proceedings Initiated Against Himalayan Mineral Water by NCLT    

RBI proposes to permit linking of PPIs through third-party UPI applications - (05 Apr 2024)

Banking

In order to provide more flexibility to PPI holders, it is now proposed to permit linking of PPIs through third-party UPI applications. This will enable the PPI holders to make UPI payments like bank account holders. This will further enhance customer convenience and boost adoption of digital payments for small value transactions.At present, UPI payments from bank accounts can be made by linking a bank account through the UPI App of the bank or using any third-party UPI application. However, the same facility is not available for PPIs. PPIs can currently be used to make UPI transactions only by using the application provided by the PPI issuer.

Further, in view of the popularity and acceptance of UPI, as also the benefits seen from the availability of UPI for card-less cash withdrawal at ATMs, it is now proposed to facilitate cash deposit facility through use of UPI.Cash Deposit Machines (CDMs) deployed by banks enhance customer convenience while reducing cash-handling load on bank branches. The facility of cash deposit is presently available only through use of debit cards.

PPIs are payment instruments that facilitate purchase of goods and services, including financial services, remittance facilities, etc., against the value stored on such instruments. PPIs may be loaded / reloaded by, cash, debit to a bank account, credit and debit cards, and other PPIs. The electronic loading / reloading of PPIs shall be through these payment instruments issued only by regulated entities in India and shall be in INR only. The PPIs may be issued as cards, wallets, and any such electronic or digital form / instrument which can be used to access the PPI and to use the amount therein.

Tags : DIGITAL PAYMENTS   LINKING   PPIS  

Share :        

Disclaimer | Copyright 2024 - All Rights Reserved