Shaktikanta Das: Has announced the service of ‘blocking’ payments in UPI and deducting them for different purposes (Single Block and Multiple Debits).
Single Block and Multiple Debits: If you also often use Unified Payment Interface (UPI) to make payments, then this news will make you happy. RBI Governor Shaktikanta Das himself has given new good news to UPI users while giving information about Monetary Policy Review (MPC). Under the new facility, you will soon be able to ‘block’ payments in your account and make payments through UPI for transactions like hotel booking, buying and selling of shares in the capital market, etc.
Payments to be made easy for e-commerce and investment
RBI has announced the service of ‘blocking’ payments in UPI and deducting them for different purposes (Single Block and Multiple Debits). You can schedule payments by fixing funds in bank accounts to deduct money as and when required. According to RBI, payment for e-commerce and other investments will be easier with this system.
Can pay for hotel booking etc.
The RBI governor said that by increasing the limit of UPI, it has been decided to ‘block’ the payment in the account of the customers to pay for different services. You can use this service for hotel booking etc. Earlier, while announcing the Monetary Review Policy (MPC) from the RBI, an increase of 35 basis points in the repo rate was announced.
With the increase in the repo rate for the fifth consecutive time, it has reached 6.25 percent. This is the fifth time since May when the repo rate is seeing a boom. Along with this, RBI has expressed the hope that the inflation rate will come down in the coming times.
