SHAKTIKANTA DAS Archives

The Reserve Bank of India (RBI) has announced the provision to link credit cards with the Unified Payments Interface (UPI) and the integration will begin with RuPay credit cards. Both RuPay and UPI are operated by the National Payments Corporation of India (NPCI). According to experts, the move by the RBI will ensure excessive use of credit cards among users as payment through UPI has widely been accepted in India already. UPI can so far be used to link debit cards and bank accounts. “UPI has become the most inclusive mode of payment in India with over 26 crore unique users and five crore merchants on the platform. The progress of UPI in recent years has been unparalleled. Many other countries are engaged with us in adopting similar methods in their countries,” said the RBI gover...

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RBI Governor Inaugurates Innovation Hub; Rs 100 Crore Invested As Initial Capital Contribution

Pooja YadavMarch 28, 20220

The Reserve Bank Innovation Hub (RBiH) has been inaugurated by Shaktikanta Das, governor of the Reserve Bank of India (RBI) in Bengaluru. RBiH has been founded as a wholly-owned subsidiary of the RBI with Rs 100 crore as an initial capital contribution. An independent board has been constituted for this hub with S. Gopalakrishnan selected because the Chairman. The board also has other individuals from academia still as an industry. RBI's initiative puts it among a pick few global central banks that try to give birth to change within the mode of engagement while trying to create innovations during this sector. The aim of the RBIH is to form an ecosystem that will target the promotion of access to varied financial products and services for the low-income group population acr...