New Delhi48 minutes ago
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Fastag and National Common Mobility Card users will now be able to add balance to their cards through recurring payment mechanism. By using this mechanism, money will be added automatically if the customers’ FASTag and NCMC balance goes below the limit set by them.
This will make it easier to make payments related to travel and mobility. RBI Governor Shaktikanta Das said this while giving information about the decisions taken in the Monetary Policy Committee (MPC) meeting today i.e. on May 7.
Automatic wallet reload feature launched for UPI Lite
RBI is also introducing auto-replenishment feature for UPI Lite wallet under the e-mandate framework. In this, the UPI Lite wallet will be loaded automatically if the money is less than the prescribed limit.
Currently the UPI Lite wallet allows customers to load up to ₹2000 and make payments up to ₹500 per transaction. Currently, users have to manually reload every time they run out of money.
What is recurring payment mechanism?
Recurring payment mechanism is a model through which money is automatically debited for a product or service over a fixed period of time. In this the payment amount is decided in advance. For this mechanism, the user has to give permission to debit money once through e-mandate.
RBI will set up digital payment intelligence platform
RBI Governor Shaktikanta Das said, ‘The Reserve Bank has taken several measures in the last few years to promote digital payments while ensuring security. These measures have increased the confidence of users. However, the increasing incidents of digital fraud highlight the need for a system to prevent and reduce such frauds.
Therefore, it is proposed to establish a Digital Payment Intelligence Platform to provide network level intelligence information and real-time data sharing in the digital payment ecosystem. To take this initiative forward, the Reserve Bank has constituted a committee to examine various aspects of setting up this platform.
