Reserve Bank of India (RBI) Governor Shaktikanta Das on June 8 announced a significant development. Non-banking prepaid payment instrument issuers will now be permitted to issue e-RUPI vouchers, as stated by the RBI. These vouchers are digital, pre-paid instruments that are conveniently received by beneficiaries on their mobile phones in the form of either an SMS or a QR code.
Governor Das emphasised the expansion of the scope and reach of e-RUPI vouchers during his monetary policy review speech on Thursday. The objective behind this expansion is to benefit a wider range of users and further deepen the adoption of digital payments across the country.
The RBI also proposed a streamlined process for the issuance and redemption of e-RUPI vouchers on behalf of individuals, aiming to simplify these procedures.
During the MPC address, Das also added that in order to optimise the efficiency of the Bharat Bill Payment System (BBPS) and promote increased participation, there is a proposal to streamline transaction processes and revise membership criteria for operating units. These measures aim to enhance the effectiveness of the BBPS system and foster a more inclusive environment for all stakeholders involved.
Since its inception in August 2017, the Bharat Bill Payment System (BBPS) has been successfully operational. In December 2022, the BBPS underwent a significant expansion, broadening its scope, the governor added.
The RBI has decided to keep the repo rate unchanged at 6.5 per cent, marking the second consecutive time such a call has been made by the central bank. RBI has maintained its growth projection for FY24 at 6.5 per cent.
The projections indicate an expected growth rate of 8 per cent in Q1, 6.5 per cent in Q2, 6 per cent in Q3, and 5.7 per cent in Q4.
Das emphasised that the current domestic demand conditions are favourable for growth, with a particular focus on the revival of rural demand. He also noted the resilience of urban demand and the expansion of fixed investment by manufacturing companies in the fiscal year 2022-23.
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