The RBI also unveiled a single-block and multiple-debits capabilities for UPI in other announcements made today. With this feature, a customer can set aside money in their account for particular uses that can be deducted as needed. At this time, UPI only handles payment mandates for recurring, single-block, and single-debit transactions.
Source : Times now The simplicity of making payments for investments in securities, notably through the Retail Direct platform and e-commerce transactions, will be greatly improved, according to Das. The RBI also expanded the Bharat Bill Payment System’s (BBPS) application to cover all types of billers and all types of payments and collections, both recurring and non-recurring. As a result, more people and companies will be able to use the BBPS platform and gain access to its transparent payments system, quick fund access, and increased efficiency.
For the benefit of jewellers, the RBI now permits resident firms to manage their gold price risk
By tirupatinews
