- By Aditya Pratap Singh
- Wed, 09 Oct 2024 02:06 PM (IST)
- Source:JND
RBI MPC: In a bid to promote widespread adoption of the popular instant payment system through mobile phones, the Reserve Bank of India (RBI) on Wednesday announced an increase in the UPI Lite wallet limit to Rs 5,000 and per transaction limit to Rs 1,000. There is a limit of Rs 500 per transaction and an overall limit of Rs 2,000 per UPI Lite Wallet, which is currently applicable with the auto-replenishment facility.
Unveiling the bi-monthly monetary policy for October, Reserve Bank Governor Shaktikanta Das added that the per-transaction limit on UPI123Pay will be increased from the current Rs 5,000 to Rs 10,000. UPI123 was launched in March 2022 to enable feature phone users to use UPI. This feature is now available in 12 languages.
In another customer-friendly move, Das announced that a beneficiary account name look-up facility for the Real Time Gross Settlement System (RTGS) and National Electronic Funds Transfer (NEFT) system will be introduced.
Payment systems like UPI and IMPS allow the remitter to verify the customer's (beneficiary) name before initiating the payment transaction. The Governor said that a request has been made to introduce such facilities for RTGS and NEFT systems. Accordingly, it is now proposed to introduce the ‘Beneficiary Account Name Look-up Facility’ to enable RTGS and NEFT remitters to verify the names of beneficiary account holders before initiating fund transfers, the Governor said.
Remitters can input the beneficiary's account number and branch IFSC code, after which the name of the beneficiary will be displayed. Das said that the facility will boost consumer confidence as it will reduce the chances of mistaken credit and fraud.
The RBI will introduce the Reserve Bank's Climate Risk Information System
The Central Bank will also create the ‘Reserve Bank Climate Risk Information System (RB-CRIS)’ in the wake of climate change emerging as one of the most significant risks to the financial system. Das said regulated entities needed to undertake climate risk assessments to ensure the stability of their balance sheets and financial systems. Such an assessment requires, among other things, high-quality data related to local climatic conditions, climate forecasts, and emissions, he added.
The available climate data are characterized by different intervals such as fragmentary and different sources, different formats, frequencies and units. To bridge the gap, Das said the RBI has proposed to create a data repository -- RB-CRIS -- consisting of two parts.
The first part will be a web-based directory, listing various data sources, (meteorological, geospatial, etc.) that will be publicly available on the RBI website. The second part will be a data portal consisting of datasets (data processed in a standardized format).
Access to this data portal will be made available only to regulated entities in a phased manner.
Also Read: RBI Monetary Policy Committee Keeps Repo Rate Unchanged At 6.5%; GDP Growth Prediction At 7.2%
(With Agencies Input)
