Money will have to be given on UPI Transaction, RBI started process to make rules
Highlights
- In a tweet on Wednesday, RBI has sought opinion from the public regarding imposition of duty.
- Any citizen can send his idea till 3rd October 2022.
- India has joined the list of most digital payment country.
UPI Transaction In today’s time in urban areas people are doing approx. Its numbers have started increasing in rural areas as well. India has joined the list of most digital payment country. People who are always doing digital payment. Thinking that no charge has to be paid. Bad news for them. Actually, RBI has started working on the process of levying charges on payments.
In a tweet on Wednesday, RBI has sought opinion from the public regarding imposition of duty. Any citizen can send his idea by filling the form or sending it to the official mail address of RBI by 3rd October 2022. If you also want to say something on this subject, then you can click on this link.
In the discussion paper released by RBI, payment systems like Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS) System And Unified Payment Interface (UPI) and covers all aspects related to fees like various payment instruments. Also, RBI has said that debit cards, credit cards and Prepaid Payment Instrument (PPI) The feedback received in the form will be used for formulation of policies.
The number of smartphone users is very high
India has a huge mobile phone user base of around 120 crores and about 75 crores of them have smartphones. There are about 450 million feature phone users. Those who prefer UPI payment. According to the National Payments Corporation of India data, 338 banks are working on the UPI system and the number of users transacting was 6388 million. About 50 percent of transactions are taking place through UPI with an amount less than Rs 200.
RBI had issued order even after giving instant loan
The Reserve Bank of India (RBI) recently issued strict norms for digital lending. Under this, the central bank said that digital loans should be deposited directly into the bank accounts of borrowers and not through any third party. The RBI said that the fee payable to the loan service providers (LSPs) in the credit intermediation process should be paid to the digital lending institutions and not to the borrowers. While issuing detailed guidelines for digital lending, RBI mainly mentioned concerns related to unbridled third party affiliations, misselling, data privacy violations, 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 13 January 2021.
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