Tech Tips: Term funds will be automatically transferred from the account in FastTag and Lite UPI, and these facilities will also be available..
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 needs. There was no facility for transferring funds at a fixed period.
Now the facility of term fund transfer has been provided but it will be done only after getting an e-mandate from the customers (process of getting approval from the customers before transferring funds electronically). The current system of e-mandate requires sending a message to the customers 24 hours before transferring 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 UPI Lite that with this digital payment wallet, one can pay two thousand rupees in a day and a maximum of 500 rupees at a time. Now it is also being brought under an e-mandated framework, that is, there will be a facility to transfer a fixed amount to UPI Lite at a fixed interval with the condition of getting approval from the customers.
The customer can set a limit that as soon as the balance amount in UPI Lite goes below a certain level, a fixed 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 made an important decision in the context of preventing fraud in digital payments. It has been decided to create a Digital Payments Intelligence Platform. It will create coordination between banks, NPCI, card networks, or other digital payment platform-providing agencies and will facilitate the exchange of fraud-related data quickly.
This will make it easier to prevent fraud 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 cut 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.
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