Now, transfer money without internet connectivity : RBI introduces Retail Digital Payment Solutions in Offline Mode
Mumbai : With a view to expand the reach of digital payments to remote places, the Reserve Bank of India has proposed to introduce a framework for retail digital payments in offline mode across the country.
“A scheme to test technologies that enable digital payments even in remote places where internet connectivity is either absent or barely available was announced in August 2020. Given the encouraging experience gained from the pilot tests, it is proposed to introduce a framework for retail digital payments in offline mode across the country. This will further expand the reach of digital payments and open up new opportunities for individuals and businesses” announced RBi Governor Shaktikanta Das.
Other announcements by the RBI Governor :
Priority Sector Lending – Permitting Banks to On-lend through NBFCs Continuation of Facility
Considering the increased traction observed in delivery of credit by NBFCs to the underserved/unserved segments of the economy, bank lending to registered NBFCs (other than MFIs) for on-lending to Agriculture, MSME and Housing was permitted to be classified as Priority Sector lending (PSL). This facility, which was available from August 13, 2019 till September 30, 2021 is being further extended for another six months up to March 31, 2022.
Review of Ways and Means Advances (WMA) Limits and Relaxation in Overdraft (OD) Facility for the State Governments / UTs
To help States/UTs to manage their cash flows amidst continued uncertainties on account of the pandemic, it has been decided to continue with the interim enhanced WMA limits of ₹51,560 crore for States/UTs for a further period of sixmonths up to March 31, 2022. It has also been decided to continue with the liberalised measures, viz, enhancement of maximum number of days of overdraft (OD) in a quarter from 36 to 50 days and the number of consecutive days of OD from 14 to 21 days, up to March 31, 2022.
Internal Ombudsman for NBFCs
The increased strength and reach of NBFCs across the country has necessitated various measures by the Reserve Bank for protection of customers of NBFCs. With a view to further strengthening the internal grievance redress mechanism of NBFCs, it has been decided to introduce the Internal Ombudsman Scheme (IOS) for certain categories of NBFCs having higher customer interface.