The Reserve Bank of India (RBI) has rolled out a new feature for UPI called ‘Delegated Payments,’ which allows the primary account holder to authorise another person, such as a family member, to make UPI transactions using their bank account. This feature enables secondary users to handle payments without needing a separate UPI-linked bank account, offering a convenient solution for managing digital payments within families.
In another significant move, the RBI has decided to expedite the cheque clearing process under the Cheque Truncation System (CTS). Currently, cheques can take up to two days to clear, but with the new measures, cheques could be processed within hours of submission, making the process much faster and more efficient.
To combat the rising issue of unethical digital lending apps, the RBI will create a public repository of verified Digital Lending Apps (DLAs) associated with RBI-regulated entities. This repository, accessible on the RBI’s website, will help consumers identify legitimate apps and avoid fraudulent ones, enhancing the safety and transparency of digital lending.
Lastly, in a move to further popularise UPI for various payments, the RBI has increased the transaction limit for tax payments through UPI from Rs 1 lakh to Rs 5 lakh. This decision follows the trend of enhancing UPI limits for specific use cases, reflecting the platform’s growing role in India’s digital payment ecosystem
