RBI to extend UPI to feature-phone users
The Hindu
‘Move to deepen digital payments’
The UPI facility will soon be extended to feature phone users. At the moment, the unified payments interface (UPI) — the single largest retail payments system in the country in terms of volume of transactions for small-value payments — is available only for smartphones.
“To further deepen digital payments and make them more inclusive, ease transactions for consumers, facilitate greater participation of retail customers in various segments of financial markets and to enhance the capacity of service providers, it is proposed to launch UPI-based payment products for feature phone users, leveraging on innovative products from the RBI’s regulatory sandbox on retail payments,” the RBI said.
The regulator has also proposed to make the process flow for small-value transactions simpler through an ‘on-device’ wallet in UPI applications. It has also decided to enhance the transaction limit for payments through UPI for the Retail Direct Scheme for investment in G-secs and Initial Public Offering (IPO) applications from ₹2 lakh to ₹5 lakh. Ajay Chaurasia, Head of Product, RupeeRedee, a digital lending app, said, “This move will help RBI to reach out to underserved population or potential users located in low-connectivity areas by deploying cost-saving methods to provide increased access to digital payment methods.”
Tuhin Kanta Pandey appointed as SEBI Chairperson, focusing on technology, trust, transparency, and teamwork for institution's growth.
Key infrastructure sectors' output grew by 4.6% in January 2025, with coal, steel, and electricity production increasing.
Commerce Minister Piyush Goyal to negotiate bilateral trade agreement with US, aiming to boost commerce and investments.
Tuhin Kanta Pandey borrows from a near four-decade career in public administration that had him serving as a district collector and magistrate of Odisha’s Sambalpur district to being recently made Revenue Secretary in addition to his position as Finance Secretary.
A Cognizant subsidiary took Infosys to court, alleging that the IT major had stolen data from their proprietary software.
Bajaj Auto Ltd. launches Bajaj GoGo electric autos with long range, segment-first features, and trusted reliability for customers.
The U.S. President’s economic and tariff policies and measures to secure his country’s borders may seem justified in terms of promoting his nation’s interests but have wider ramifications not only for Americans themselves, but also for the rest of the world. His tariff proposals will result in supply chain disruptions, lead to market and currency volatility, disrupt capital and trade flows, contribute to inflation and cause a decline in world trade and economic growth, worsening the plight of the poor, especially in developing economies.