The Reserve Bank of India has proposed to introduce a facility of “delegated payments” in UPI. This will enable an individual (primary user) to allow another individual (secondary user) to make UPI transactions up to a limit from the primary user’s bank account without the need for the secondary user to have a separate bank account linked to UPI. “This will further deepen the reach and usage of digital payments,” said RBI Governor Shaktikanta Das in his monetary policy statement.
The RBI has taken several measures for the orderly development of the digital lending ecosystem in India. As a further measure in this direction and to address the problems arising from unauthorised digital lending apps (DLAs), the regulator proposes to create a public repository of DLAs deployed by its regulated entities (REs). The REs will report and update information about their DLAs in this repository. This measure will help the consumers to identify the unauthorised lending apps.
The availability of accurate credit information is vital for both lenders and borrowers. At present, lenders are required to report credit information to credit information companies (CICs) on a monthly basis or at such shorter intervals as may be agreed between the lenders and the CICs. “It is proposed to increase the frequency of reporting of credit information to a fortnightly basis or at shorter intervals. Consequently, borrowers will benefit from faster updation of their credit information, especially when they repay their loans. The lenders, on their part, will be able to make better risk assessment of borrowers,” Das stated.
Tax payments through UPI
Currently, the transaction limit for UPI is Rs 1 lakh except for certain category of payments which have higher transaction limits. It has now been decided to enhance the limit for tax payments through UPI from Rs 1 lakh to Rs 5 lakh per transaction. This will further ease tax payments by consumers through UPI.
