Inquisitive Mind

Unified Payment Interface (UPI) is one of the popular methods of digital payments. This article covers the important developments regarding UPI. Unified Payment Interface (UPI) Unified Payment Interface (UPI) is an initiative by National Payments Corporation of India (NPCI) together with Reserve Bank of India (RBI) and Indian Banks Association (IBA). UPI allows linking of multiple bank accounts in a single mobile application for real-time bank-to-bank payments using mobile number, virtual payment address (UPI ID) or by scanning a QR code. Benefits of UPI Single application for accessing different bank accounts. Offers peer-to-peer fund transfer, merchant payments and utility bill payments. Allows payments using mobile number; virtual payment address (UPI ID); scanning QR code; bank account number and IFSC; and Aadhaar number. Secured payment with Two Factor authentication. Funds are transferred in real-time (i.e. immediately). Available round the clock i.e. 24*365. Allows both sending ...

Reserve Bank of India (RBI) has issued guidelines on Government Debt Relief Schemes (DRS). The guidelines include (i) model operating procedure (MOP) shared with the State Governments for their consideration while designing and implementing DRS and (ii) prudential guidelines for the Regulated Entities (REs). Model operating procedure (MOP) shared with the State Governments for their consideration while designing and implementing DRS What is Government Debt Relief Scheme (DRS)? Debt Relief Schemes (DRS) refer to schemes notified by the State Governments that entail funding by the fiscal authorities to cover debt obligations of a targeted segment of borrowers that the lending institutions are required to sacrifice / waive.  What are the pre-requisites for announcing DRS? Announcement / notification of DRS should include the specific stress or distress situation necessitating announcement of such support. DRS should be considered only as a measure of last resort when other measures to...