Money will have to be donated on UPI transaction, RBI has started process to establish rules

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Photo:Indian Television Money will have to be donated on UPI transaction, RBI is preparing

Strong points

  • In a tweet on Wednesday, RBI asked for the public’s opinion regarding the imposition of duties.
  • Any citizen can send their idea until October 3, 2022.
  • India has joined the list of most digital payment countries.

UPI transaction Nowadays, in urban areas, people make approx. Its numbers have also started to increase in rural areas. India has joined the list of most digital payment countries. People who still make digital payments. Thinking that no fees need to be paid. Bad news for them. In fact, RBI has started working on the process of levying fees on payments.

In a tweet on Wednesday, RBI asked for the public’s opinion regarding the imposition of duties. Any citizen can send their idea by filling the form or sending it to the official RBI email address before October 3, 2022. If you also want to say something about it, you can click on this link.

In the working paper published by RBI, payment systems like Immediate Payment Service (IMPS), National Electronic Funds Transfer System (NEFT), Real-Time Gross Settlement System (RTGS) And Unified Payment Interface (UPI) and covers all aspects related to fees as various payment instruments. Additionally, RBI said that debit cards, credit cards and Prepaid Payment Instrument (PPI) Comments received in the form will be used for policy formulation.

The number of smartphone users is very high

India has a huge mobile phone user base of around 120 crore and around 75 crore of them have smartphones. There are approximately 450 million feature phone users. Those who prefer UPI payment. According to data from National Payments Corporation of India, 338 banks are working on the UPI system and the number of transacting users was 6388 million. About 50% of transactions are done via UPI with an amount less than Rs 200.

RBI had issued an order even after granting an instant loan

The Reserve Bank of India (RBI) recently released strict standards for digital lending. Under this, the central bank said digital loans should be deposited directly into borrowers’ bank accounts and not through a third party. The RBI said fees payable to Lending Service Providers (LSPs) in the process of credit intermediation should be paid to digital lending institutions and not borrowers. While issuing detailed guidelines on digital lending, RBI mainly mentioned concerns related to unbridled third-party affiliations, mis-selling, data privacy breaches, unfair business practices, exorbitant interest rates and unethical recovery practices.

RBI had constituted a working group on “digital lending, including lending through online platforms and mobile applications” (WGDL) on January 13, 2021.

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