Now the facility of term fund transfer has been provided but it will be done only after taking e-mandate from the customers (process of taking approval from the customers before transferring funds electronically).
The current system of e-mandate actually requires sending a message to the customers 24 hours before transferring the funds, which is being abolished. A big facility has been provided to the users of Fasttag and digital payment services like UPI Lite.
In these, the facility of automatically transferring funds from the customer’s account at a fixed period has been provided. Currently, in Fasttag, customers transfer money from time to time as per their need. In this, there was no facility of transferring funds at a fixed period.
Now the facility of term fund transfer has been provided but this will be done only after taking e-mandate from the customers (process of taking approval from customers before transferring funds electronically). The current system of e-mandate actually requires sending a message to the customers 24 hours before transferring the funds, which is being abolished.
That is, now the customers can set in advance how much amount and at what time (weekly or monthly) they want to transfer to FastTag. RBI Governor Dr. Shaktikanta Das gave information about this decision after the review meeting of the Monetary Policy Committee.
RBI Governor told about UPI Lite that with this digital payment wallet, one can pay two thousand rupees in a day and maximum of 500 rupees at a time. Now it is also being brought under e-managed framework, that is, with the condition of taking approval from the customers, there will be a facility to transfer a fixed amount in UPI Lite at a fixed interval.
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The customer can set a limit that as soon as the balance in UPI Lite goes below a certain level, a certain amount will be automatically transferred from the customer’s account to it. For this, the condition of taking e-mandate from the customer in advance is also being abolished. Dr. Das says that this will help in the expansion of UPI Lite.
Along with this, RBI has taken an important decision in the context of preventing frauds in digital payments. It has been decided to create a Digital Payments Intelligence Platform. This will create coordination between banks, NPCI, card networks or other agencies providing digital payment platforms and will facilitate the exchange of fraud related data quickly.
This will make it easier to prevent fraud and seize the transferred amount and take action against the criminals. In the MPC meeting chaired by the RBI Governor, it has once again been decided to keep the repo rate stable at the level of (6.50 percent).
This is the eighth consecutive meeting of the MPC in which the repo rate has been kept at the same level. This has disappointed those who were expecting a reduction in the rates of home loans, auto loans and other banking loans, but experts are saying that the decision of the MPC is as per expectations. Out of the five members of the MPC, two supported a 0.25 percent reduction in the repo rate, but five members including RBI Governor Dr. Das supported keeping the repo rate at the current level of 6.50 percent.
