These payment-related announcements from RBI will be gamechangers: See details here

Reserve Bank of India (RBI) Governor Shaktikanta Das headed the six-member Monetary Policy Committee (MPC) announced the policy resolution on Wednesday.

Zee Business reporter Anurag Shah reported on some big announcements from RBI that will prove to be gamechangers in payments.

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The announcements are as follows:

On Device UPI Wallet  

- UPI wallet for small amount payment

- Offline transactions will be possible without the internet

- Put money in the wallet through UPI in the smartphone and internet without paying a small amount

- Customers will not complain of transaction failure

- Burden on banks' surveys will be reduced, costs on resources will be reduced

- On-device UPI wallet on the lines of prepaid instruments

- 50% payment in UPI transaction is less than Rs. 200

- There will be no change in transaction experience for customers

- UPI wallet will have a fixed amount limit for small payments

The Feature UPI for phones:

- Will be a boon for 44 crore subscribers present in the country  

- UPI payments through internetless phones

-   Retail payments will be introduced through the regulatory sandbox      

- Feature phone customers will be eligible for BNPL after joining UPI

- Consider making charges of digital payments affordable for all

- Discussion paper on debit cards, credit cards, charges linked to PPI will be issued

- Merchant linked MDR charges will be considered

- Service providers bear charges MDR merchants  

- Feedback will be taken on the combined fee and search charge charged in payments

Investment limit from UPI increases from 2 lakh to 5 lakh  

- Investment limit from UPI in Retail Direct Scheme increases from 2 lakh to 5 lakh  

- Investment up to Rs 5 lakh through UPI is possible to buy G-Sec  

- investment limit UPI in IPO investment also up to 5 lakh

 - SEBI is considering a new special category in HNI to invest between Rs 2 lakh and Rs 10 lakh

This is for the ninth time in a row the RBI Governor Shaktikanta Das has maintained the status quo. RBI had last revised its policy rate in October 2021.

It has to be noted that MPC decided to maintain the status quo, that is keeping the benchmark repurchase (repo) rate at 4 per cent, Das said while announcing the bi-monthly monetary policy review. Consequently, the reverse repo rate will also continue to earn 3.35 per cent for banks for their deposits kept with RBI.