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NPCI said with the linkage of RuPay Credit Card on UPI, customers will benefit from the increased opportunity to use their credit cards, and merchants will benefit from the increase in consumption by being part of the credit ecosystem with the acceptance of credit cards using assets like QR codes.
On July 14, 2021, RBI had imposed restrictions on Mastercard to onboard new customer over lapses found in compliance with RBI’s 2018 circular on Storage of Payment System Data.
Kotak said post the increase in the rates will encourage savings behaviour among consumers and the rate changes will come into effect on June 13, 2022.
The central bank said while UPI would be used for customer authorisation in such transactions, settlement would be through the National Financial Switch (NFS)/ATM Networks.
Six of the eleven applicants were not found suitable by RBI for granting of in-principle approval to set up banks.
The RBI today announced the appointment of Sitikantha Pattanaik and Rajiv Ranjan as its new Executive Directors. Both have an experience of more than three decades in economics field and have been associated with the central bank earlier.
To ensure that our payment systems remain resilient to conventional and emerging risks, specifically those relating to cyber security, it is proposed to issue guidelines on Cyber Resilience and Payment Security Controls for Payment System Operators, RBI Governor Shaktikanta Das said.
“At present the facility of cardless cash withdrawal through ATMs is limited only to a few banks. It is now proposed to make cardless cash withdrawal facility available across all banks and ATM networks using the UPI,” Das said.
Digital banking products and services would generally mean those financial products/services whose designs and fulfilments have nearly end-to-end digital life cycle with the initial customer acquisition / product delivery necessarily taking place digitally through self-service or assisted self-service.
There have been reports of such ETPs engaging agents who personally contact gullible people to undertake forex trading investment schemes and entice them with promises of disproportionate/exorbitant returns.