Addressing the nation after the end of the three-day Monetary Policy Committee's (MPC) meeting, RBI Governor Shaktikanta Das stated that Unified Payments Interface (UPI) platform has emerged as the most popular retail payment system in the country. He also batted for further enhancing the capacity of UPI by introducing single-block and multiple debits functionality, enabling users to block funds in their account, which can be debited at the time of need.
As per Governor Das, this will enhance the ease of making payments for investments in securities including through the Retail Direct platform as well as e-commerce transactions.
"The UPI has emerged as the most popular retail payment system in India. It currently includes functionality to process payment mandates for recurring as well as single-block-and-single-debit transactions. The capabilities of UPI will be further enhanced by introducing single-block-and-multiple-debits functionality," he said.
ALSO READ |
Das also announced the expansion of the scope of the Bharat Bill Payment System (BBPS) to include all categories of payments and collections, both recurring and non-recurring so that it can made available for a wider set of individuals and businesses in the country. The reason cited by him is the continuous expansion of the platform since its introduction since 2017 and the fact that it still does not cater to nonrecurring bills as well as for tax payments, professional services, education fees, rent collections, etc. "The BBPS has been steadily expanding since its launch in 2017. At present, it handles recurring bill payments for merchants and utilities and does not cater to nonrecurring bills. It also does not cater to bill payments or collections such as payment of fees for professional services, education fees, tax payments, rent collections, etc. for individuals even if those are recurring in nature," he added.
First Published: Dec 7, 2022 10:55 AM IST
