Digital Payments Intelligence Platform, UPI Lite Wallet Under E-Mandate, More
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RBI MPC 2024: In a decision reached by a 4:2 majority, the Reserve Bank of India (RBI) opted to maintain its benchmark interest rates at 6.5 per cent, a move that marks the eighth consecutive time the rates have remained steady. Alongside this decision, RBI Governor Shaktikanta Das unveiled updates regarding UPI Lite Wallets and digital payments, emphasising the introduction of new measures to enhance digital transaction security.
UPI Lite Wallets Under e-Mandate
One significant update concerns UPI Lite Wallets, with the RBI proposing to integrate them into the e-mandate framework. This initiative aims to streamline the process for customers by enabling automatic replenishment when the wallet balance falls below a certain threshold.
ALSO READ: RBI MPC 2024: Central Bank Keeps Repo Rate Unchanged At 6.5% By 4:2 Majority
Digital Payments Intelligence Platform
Furthermore, addressing the growing concern of digital fraud, Governor Das announced plans to establish a Digital Payments Intelligence Platform. “The Reserve Bank over the years has taken several measures to deepen digital payment while ensuring safety. Growing instances of digital fraud highlight the need for a system-wide approach to prevent and mitigate such fraud,” said Das.
This platform is designed to facilitate network-level intelligence and real-time data sharing across the digital payments ecosystem. A dedicated committee has been formed to oversee the setup of this platform.
RBI MPC 2024: Top Takeaways
In the broader context of the monetary policy, the RBI’s decision to maintain the benchmark interest rates comes amidst a backdrop of economic stability and resilience. Governor Das highlighted the robustness of the banking system, citing favourable asset quality and a rise in profitability. Additionally, non-banking financial companies (NBFCs) demonstrated strong financial performance in the fiscal year 2024.
Analysts had anticipated the decision to hold the interest rates steady, given the sustained economic growth observed since February 2023. The pause in the rate adjustment cycle, which commenced in April last year after six consecutive rate hikes totalling 250 basis points since May 2022, aligns with the prevailing economic trends.
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