RBI Allows Third-Party Apps For UPI Payments Via PPI Wallets
The Reserve Bank of India has allowed UPI transactions from prepaid-payment-instrument wallets to be done via third-party apps.
In the monetary policy address on Friday, RBI Governor Shaktikanta Das announced two developments on the Unified-Payments-Interface front for all users.
Third-party UPI apps can now be used for making payments from PPI wallets.
Currently, UPI payments from bank accounts can only be done if one links an account through the UPI app of the particular bank or by using a third-party UPI app.
But this facility was not available for the PPIs as they could only be used to make UPI payments by using the app provided by the PPI issuer.
But with this linking, the PPI holders would get more flexibility and would aid them in making payments like bank account holders.
Das also announced that UPI can also be used now to facilitate deposit of cash in cash-deposit machines. Earlier, this deposit in CDMs was permitted only via debit cards. But now, with the ease and popularity of the UPI, the facility has been extended.
The RBI's monetary policy committee kept the benchmark repo rate unchanged at 6.50% for the seventh straight meeting, while being focused on the 'withdrawal of accommodation' to ensure that inflation progressively aligns with the target while supporting growth.
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