Saturday, January 28, 2023

RBI Increased the Payment Limit for Digital Payment Companies such as PhonePe, Paytm

RBI: The Reserve Bank of India (RBI) took an important decision in the first monetary review for the financial year 2021-22 on Wednesday. The RBI doubled the limit for digital payment companies such as Paytm-PhonePe. That is, consumers will get the facility of keeping 2 lakh rupees instead of 1 lakh rupees in the wallet. With this, fintech companies, payment companies were approved to be part of centralized payment systems – RTTS and NEFT. This means that now digital payment companies will also be able to facilitate fund transfer through RTGS and NEFT.

Reserve Bank of India Governor Shaktikanta Das announced that this facility can now be extended to non-banking payment system operators as well. It is known that RTGS and NEFT is a centralized payment system. However, now even this facility will be extended to non-bank payment systems. This has been extended to prepaid payment instruments, card networks, white-label ATM operators, etc. RBI said that enhancing this facility will help in reducing the settlement risk in the financial system and will also help in promoting digital financial facilities in the country. Earlier on 6 June 2019, the RBI had given RTGS and NEFT free of cost, giving a big gift to the general public. This facility is available 24 hours in all banks.

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Soon, You can withdrawal Cash from your digital wallet

Soon you will be able to withdraw cash from digital wallets like Paytm, Mobikwik, and prepaid cards of non-bank entities. The RBI said in its monetary review meeting that it would allow cash to be withdrawn from non-bank entities. The condition is that the customer has completed the KYC process. At present, cash withdrawals are allowed only to KYC-compliant PPIs (Credit / Debit Cards) issued from banks. PPI refers to a prepaid payment instrument. Forex cards, digital wallets, etc. are some examples of PPIs.

Loan EMI will not decrease, relief in FD

The RBI decided not to change the repo rate in the monetary review. Due to this, the EMI of home car loans and those waiting to be reduced, have definitely suffered a setback. At the same time, investors who have got FDs are definitely relieved. If the interest rate was cut, the banks would have reduced the interest rate on the FD. This would have the greatest impact on senior citizens. In the last few months, many banks started increasing the interest rate on long-term FDs. For example, in December 2020, Canara Bank raised the interest rate on FDs of 2 to 10 years. SBI has increased the interest since 8 January.

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